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, 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.”