Money & Banking

Moneyboxx Finance raises over ₹20 crore from HNI investors

BL Mumbai Bureau | Updated on: Jun 06, 2022
Deepak Aggarwal, Co-founder, Moneyboxx Finance 

Deepak Aggarwal, Co-founder, Moneyboxx Finance 

Plans to raise additional ₹120 crore in FY23

Moneyboxx Finance Limited (Moneyboxx), a BSE-listed Non-Banking Finance Company has raised ₹20.77 crore equity capital by private placement from non-promoter investors on June 2, 2022.

This comes after the NBFC had raised ₹14.42 crore of equity in December 2021. 

Moneyboxx Finance provides unsecured and secured business loans to micro and small enterprises in Tier-Ill towns and below places.

The company has strengthened its capital position with the recent equity fund raises. It plans to utilise the funds for expanding its scale of operations and tap growth opportunities.

The company’s AUM stood at ₹119 crore in March 2022, growing by 92 per cent over last year, supported by growing business at existing branches. 

The company plans to expand its current network of 30 branches across five states to 60 by FY23 and over 100 by FY24. It plans to expand its operations in existing states and enter new states to build AUM of over ₹400 crore by FY23 and of over ₹1,000 crore by FY24. The company is planning to raise an additional ₹120 crore in FY23.

Deepak Aggarwal, Co-founder, Moneyboxx Finance Ltd, said, “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 create a positive impact in this segment. We have built a scalable and sustainable business model in the loan segment under ₹10 lakh.”

Published on June 06, 2022
COMMENTS
  1. Comments will be moderated by The Hindu editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like

Recommended for you