Moneyboxx Finance Raises Over INR 24 Crore The company has strengthened its capital position with the recent equity fund raised and plans to use the funds for expanding its scale of operations and tap growth opportunities given the huge unmet credit gap for micro enterprises in the loan segment under INR 10 lakh
By Teena Jose
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Moneyboxx Finance Limited (Moneyboxx), a BSE-listed non-banking finance company that focuses on impact financing by providing business loans to micro entrepreneurs in tier-III and below places, raised equity capital of over INR 24 crore by way of private placement from non-promoter investors. With this funding round, the company has raised capital of INR 48.4 crore in FY23 (including warrants of INR 3.36 crore) and total capital of INR 93.5 crore since its inception. The company has strengthened its capital position with the recent equity fund raised and plans to use the funds for expanding its scale of operations and tap growth opportunities given the huge unmet credit gap for micro enterprises in the loan segment under INR 10 lakh.
"We at Moneyboxx Finance aim to provide credit to underserved micro businesses and entrepreneurs in a cost-effective and transparent manner. The equity fund raise along with growing and continuous support from our lenders will help us to further our cause of supporting the deserving micro enterprises and ensuring sustainable economic progress for them with various beyond-lending impact initiatives," said Deepak Aggarwal, co-founder, Moneyboxx Finance Ltd.
Company's AUM reached INR 345 crore in March 2023, growing strongly by 185% over last year, driven by improving branch productivity and expansion. Moneyboxx doubled its branch network to 61 branches across six states in FY23 and is targeting 100 branches and AUM of INR 1,000 crore by FY24, claimed by the company in a statement.
"We have successfully scaled up our operations in the last four years and built a scalable and sustainable business model with strong portfolio quality owing to our robust, tech-driven underwriting practices and strong customer connect through on-ground presence", the co-founder added.
