Moneyboxx hits Rs 500 cr disbursement and Rs 300 cr AUM milestones
- ByStartupStory | March 22, 2023
Moneyboxx Finance, an NBFC listed on BSE, has accomplished two significant milestones by surpassing Rs 300 crore in assets under management and disbursing over Rs 500 crore cumulatively. The organisation focuses on empowering micro-entrepreneurs in Tier-III towns and underprivileged areas by extending business loans to them.
With its initiation of operations in February 2019, Moneyboxx Finance has positively impacted more than 30,000 households, out of which 53% were women, and 35% of the beneficiaries were first-time credit seekers.
Moneyboxx Finance’s expansion in business operations and efficiency has resulted in a notable increase in its assets under management, which have grown by 155% to reach Rs 308 crore as of March 20, 2023, in contrast to Rs 121 crore recorded in March 2022.
The organisation has further extended its presence by opening 26 new branches during the current financial year, increasing its branch network to 56 branches operating across six states as of March 20, 2023.
Moneyboxx Finance is presently seeking to raise equity in March 2023 and has the backing of 24 lenders, including banks, NBFCs, and impact funds. Additionally, the company has established co-lending and business corresponding partnerships with various lenders.
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