Moneyboxx Finance, which provides business loans to micro entrepreneurs in smaller towns, on Monday said it has raised equity capital of Rs 24 crore by way of private placement from non-promoter investors.
With this funding round, the company said it has raised capital of Rs 48.4 crore in 2022-23 (including warrants of Rs 3.36 crore) and a total capital of Rs 93.5 crore since its inception.
-
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI -
"I Am A Material Man In A Material World': Quantum Advisors' Ajit Dayal On NDTV Profit Ignite
"The company has strengthened its capital position with the recent equity fund raises 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 Rs 10 lakh," Moneyboxx said in a release.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
"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," Deepak Aggarwal, Co-founder of Moneyboxx, said.
Its AUM (asset under management) reached Rs 345 crore in March 2023, growing by 185% over last year, driven by improving branch productivity and expansion.
Moneyboxx has doubled its branch network to 61 branches across six states in 2022-23 and is targeting 100 branches and AUM of Rs 1,000 crore in current financial year(2023-24).
It provides unsecured and secured business loans of Rs 1-7 lakh to individual borrowers for livestock, kirana, traders as well as micro-manufacturers in Tier-III and below towns.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
