BSE-listed NBFC firm for micro-entrepreneurs MoneyBoxx Finance, has raised over Rs 24 crore in equity capital by way of private placement from non-promoter investors.
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The firm plans to use the raised capital to scale its operations and tap growth opportunities, given the huge unmet credit gap for micro-enterprises in the loan segment under Rs 10 lakhs.
Started in 2019, Moneyboxx is an NBFC firm that provides unsecured and secured business loans to micro-entrepreneurs ranging from Rs 100,000 to Rs 700,000 to individual borrowers for income generation purposes in essential and important segments (livestock, kirana, traders, as well as micro-manufacturers) in Tier III and below towns.
Currently, The company has 61 branches spread across six states, including Rajasthan, Punjab, Haryana, Madhya Pradesh, Uttar Pradesh, and Chhattisgarh.
Deepak Aggarwal, Co-founder of 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 ensuring sustainable economic progress for them with various beyond-lending impact initiatives.”
Source @Indianstartupnews
