Moneyboxx reaches INR 400 crore AUM, targets over INR 800 crore AUM and 100 Branches by Mar’24
Moneyboxx adds 4 New Lenders to its Portfolio: Welcomes HDFC Bank, Federal Bank, Fincare Small Finance Bank and Protium Finance
Company is now supported by 27 lenders including leading banks, large NBFC’s, and impact funds
Moneyboxx Finance Limited (Moneyboxx), a BSE-listed NBFC, which drives financial inclusion by providing business loans to micro entrepreneurs in Tier-III towns & below places, crossed milestones of INR 400 crores AUM# in July 2023.
The Company added 11 branches in the current financial year so far, expanding its branch network to 72 branches across six states as of 31st July 2023. With the addition of 4 new lenders in the year-to-date period, namely, HDFC Bank, Federal Bank, Fincare Small Finance Bank and Protium Finance, the Company is now supported by 27 lenders including eight leading banks, many large NBFCs, and impact funds. Additionally, the company has co-lending and business corresponding partnerships in place with marquee lenders.
Commenting on the key milestone, Mr Mayur Modi, Co-founder, Moneyboxx Finance Ltd said, “We see tremendous growth opportunity in INR 1-10 lacs business loan segment given the huge credit gap for micro enterprises and presence of very few focused players in this segment. We have a proven business model to service this segment with robust underwriting practices and one of the best asset quality metrics in the industry (90+ PAR at 0.59% of AUM on Mar’23). With the aim of driving financial inclusion in rural and semi-urban India, we aim to reach AUM of over INR 800 Crore and 100 branches by FY24 with growing and continuous support from lenders, lending partnerships, and planned capital raise.”
About Moneyboxx Finance Limited
Moneyboxx Finance Limited is a BSE-listed NBFC engaged in the business of providing business loans to micro enterprises with a focus on impact financing. It operates in Tier-III and below cities with 72 branches spread across 6 states (Rajasthan, Madhya Pradesh, Haryana, Punjab, Uttar Pradesh, and Chhattisgarh). It caters to the underserved micro entrepreneurs in the important and essential segments (livestock, kirana, retail traders, micro-manufacturers) by extending unsecured and secured business loans from INR 70,000 to 10,00,000 for loan tenures up to 84 months.
Note: # Unaudited AUM before Ind-AS adjustments
Reach out to us at PR Desk
Read more on our Partner site: Dais World | The Progress Catalyst
Get rewarded for your reading habits on the Dais World app!