 "Moneyboxx AUM crosses Rs 720 cr in FY24, aims to double this fiscal")
Moneyboxx Finance, an NBFC providing small-ticket business loans to small enterprises, on Thursday said its asset under management more than doubled during fiscal 2023-24 crossing Rs 720 crore.
Moneyboxx aims to nearly double its asset under management (AUM) to Rs 1,400 crore by March 2025, it said in a release.
The company currently has 100 branches in eight states in north, central and west India, and also plans to significantly expand its presence and enter south India in the current financial year.
"We see significant potential for growth within the Rs 1-10 lakh business loan sector, recognising the substantial gap in credit availability for micro-enterprises and the limited number of specialised providers in this field," Mayur Modi, Co-Founder of Moneyboxx, said.
With cumulative disbursements of over Rs 1,200 crore as of March 2024, Moneyboxx has provided loans to over 1.5 lakh borrowers (including co-borrowers), of which 59 per cent were women and 35 per cent new-to-credit.
Also Read
Currently supported by 32 lenders, including prominent banks like State Bank of India, HDFC Bank and Kotak Mahindra Bank, the company has raised cumulative debt of over Rs 760 crore.
The company recently raised USD 9 million as part of a strategic funding round via preferential allotment to HNIs (high net-worth individuals), family offices and individual investors.
It caters to small entrepreneurs in segments like livestock, kirana, and retail traders, by extending unsecured and secured business loans from Rs 70,000 to 10,00,000 for a loan tenure from 24 months to 84 months.