Moneyboxx Finance Ltd (MBFL) on Thursday said that it has raised ₹25 crore in debt from a slew of lenders, including NBFCs and a small finance bank since January 2021. Nine new lenders including AU Small Finance Bank, Hinduja Finance, Ambit Finance, InCred Financial, UCInclusive Credit, Profectus Capital, Capri Global provided debt support to the company, it said in a release.
The company said that it plans to utilise the proceeds to support its disbursement target in the current and upcoming financial year. Moneyboxx Finance will also utilise the proceeds to undertake ‘impact funding’, it mentioned.
“The funds raised will not only assist the company in ramping up operations and expansion but also help it to amplify profitability while bringing necessary credit to people and sectors who need it the most and create economic value for them,” said Deepak Aggarwal, co-chief executive officer and chief financial officer of Moneyboxx Finance.
During 2020-21, Moneyboxx Finance had raised a debt of ₹20 crore from three NBFCs. “With this MBFL has been able to diversify its borrowing profile by adding twelve new lenders in this fiscal year, thus taking its total lender count to 14,” it said.
Started in 2019, Moneyboxx has over 20 branches spread across Punjab, Haryana, Rajasthan, and Madhya Pradesh. It focuses on disbursing small ticket unsecured business loans to individual borrowers (livestock, Kirana, traders, micro-manufacturers in Tier-II and III cities) with loans ranging from ₹50,000 to 3,00,000, for 24 months tenure on average.
Moneyboxx plans to raise over ₹200 crore in 2021-22 with a mix of debt and equity financing, the company said.
