[Funding Alert] Moneyboxx Finance Raises Debt Of INR 10 Cr From Eclear Leasing & Finance
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Moneyboxx Finance, which provides small-ticket loans to micro and small enterprises in tier-II and tier-II towns, on Wednesday announced it has raised INR 10 crore from Eclear Leasing & Finance Pvt. Ltd to support its disbursement target of INR 80-85 crore in the current fiscal.
Eclear Leasing, which especially supports NBFCs (non-banking financial companies) and MFIs (micro finance institutions) in the financial inclusion space, has been the first lender of Moneyboxx Finance and has reposed faith in it by sanctioning INR 18 crore till date.
“Right since our inception, Eclear Leasing & Finance has been extremely supportive and we are indeed thankful to them and also its top management including Manoj Bansal for their continued support and trust that they have reposed in us. This will go a long way in helping us achieve our target of disbursing INR 80-85 crore during FY(financial year)21, which will close to 2.5 times of the disbursement made during FY20 that stood at INR 34 crore,” said Deepak Aggarwal, Moneyboxx Finance’s commanding officer and chief executive officer, commenting on the debt raised by the company.
The company is targeting to raise INR 100 crore from various lenders. It is also in the final stages of securing another INR 30 crore by end of November for onward lending from six leading investors including a global impact fund and a small finance bank.
“Our collection efficiency of 95 per cent during the moratorium and over 99 per cent in September is helping us build confidence among private lenders. We want to further cement our relationship with about fifteen lenders in the current fiscal which will not just validate our model but will also support our target of 4 fold jump in AUM (asset under management) in FY22 over FY21,” Aggarwal added.
On its part, Eclear Leasing is committed to extend support to Moneyboxx Finance in its endeavor.
“It is our pleasure to be associated with Moneyboxx and support them in their growth journey. During the lockdown, while many borrowers sought moratorium, Moneyboxx continued to pay regular installments, reflecting their strict discipline in managing books, strong underwriting, and focus on collections and sustainability,” stated Manoj Bansal, managing director, Eclear Leasing & Finance.
The medium-term aim is to build an INR 1,000 crore AUM within the next three years. Moneyboxx Finance focuses on disbursing small-ticket unsecured business loans to individual borrowers such as dairy, kirana, traders, micro-manufacturers in tier-II and tier-III cities with loans ranging from INR 50,000 to 3,00,000, mostly for 24 months tenure.