BSE-listed Moneyboxx Finance Ltd, which finances livestock farmers, has cumulatively disbursed over ₹1,200 crore as of March 2024 with women making up 57 per cent of its 1.10 lakh borrowers and 35 per cent availing credit for the first time.
The company has opened its 100th branch in Firozabad in Uttar Pradesh to provide small ticket business loans to micro-enterprises. The BSE-listed firm has recently opened new branches in Bihar and Gujarat, a company statement said.
With this, it has branches in eight States - Rajasthan, Punjab, Haryana, Madhya Pradesh, Uttar Pradesh, Chhattisgarh, Bihar and Gujarat. During the 2024-25 fiscal, it plans to set up 60 more branches, it said.
Meeting unmet credits
The company, which aims to meet the growing and unmet credit needs of micro and small businesses in the Uttar Pradesh, provides unsecured and secured business loans ranging from₹70,000 to ₹10 lakh to individual borrowers in Tier-III and below cities.
Mayur Modi, Co-founder, Moneyboxx Finance Ltd said with its differentiated and proven “phygital” business model, which involves a strong customer connect fully digital approach, the company aims to impact 1 million lives over the next five years
“Through our various beyond lending initiatives such as complementary veterinary services, agroforestry initiatives, funding of biogas digesters, we aim to make a noticeable impact on the lives of our borrowers and environment,” he said.
The company is currently supported by 31 lenders, including prominent banks such as State Bank of India, HDFC Bank, and Kotak Mahindra Bank.