Moneyboxx Finance Limited (Moneyboxx), a BSE-listed non-banking finance company that provides small-ticket loans to micro and small businesses in Tier-III towns and below, received INR 14.41 crores in equity capital from non-promoter investors through a private placement.
Given the large unmet credit gap for micro enterprises, the company has improved its financial position with this fund raise and expects to use the money to increase its scale of operations and access growth prospects. The company’s AUM will surpass INR 100 crores in January 2022, thanks to increased activity at existing branches, and the fund raise will help the company expand its AUM by another INR 75 crores.
Commenting on the funding Deepak Aggarwal, Co-founder, Moneyboxx Finance Ltd said, “We at Moneyboxx Finance aim to provide credit to underserved micro businesses and entrepreneurs in a cost-effective and transparent manner. 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.”