Moneyboxx Finance secures Rs 24 crore in equity capital from non-promoter investors
- ByStartupStory | April 3, 2023
Moneyboxx Finance, a company that offers business loans to micro-entrepreneurs in small towns, announced on Monday that it has secured Rs 24 crore in equity capital through private placement from non-promoter investors. The funding round has brought the company’s total capital raised in 2022-23 (including warrants of Rs 3.36 crore) to Rs 48.4 crore, and the total capital raised since its inception to Rs 93.5 crore.
According to a recent release by Moneyboxx Finance, the company plans to utilize the funds raised through equity financing to expand its operations and capitalize on growth opportunities. The company’s enhanced capital position will help it address the significant unmet credit requirements of micro-enterprises in the loan category below Rs. 10 lakh.
Moneyboxx Finance has reported a 185% YoY growth in its assets under management (AUM) to reach Rs 345 crore as of March 2023. This has been attributed to improved branch productivity and expansion. The company aims to increase its branch network to 100 across six states, with a target AUM of Rs 1,000 crore in FY2023-24. Moneyboxx has raised Rs 24 crore through private placement from non-promoter investors, bringing its total capital to Rs 93.5 crore since inception. The company plans to use the funds to expand its operations and fill the unmet credit gap for micro enterprises in the loan segment under Rs 10 lakh.
Moneyboxx Finance offers unsecured and secured business loans ranging from Rs 1-7 lakh to borrowers in tier-III and below towns, including livestock owners, kirana store owners, traders, and micro-manufacturers.
Calling all entrepreneurs, investors and business owners! The wait is finally over. The 2nd edition of Startup Story B2B Connect is back with a bang – and this time, we’re taking it up a notch. With more startups, more investors and bigger opportunities than ever before, this is your chance to connect, collaborate and take your business to the next level. Get ready for an unforgettable networking experience that’s set to change the game. Stay tuned for all the exciting updates! Register Now Here.
Follow Startup Story
Related Posts
