Moneyboxx Finance announces Equity raise of INR 271 crore
Moneyboxx Finance Limited (Moneyboxx), a BSE-listed Non-Banking Finance Company that focuses on impact financing by providing business loans to micro entrepreneurs in Tier-III & below places, announced equity fund raise up to INR 271 crore in its board meeting held on July 17, 2024. The capital raise includes INR 158 crore through preferential equity issue and INR 113 crore through equity warrants to both Promoters and Non-Promoters.
City Air News
Jul 18, 2024 09:25
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Chandigarh, 18 July, 2024: Moneyboxx Finance Limited (Moneyboxx), a BSE-listed Non-Banking Finance Company
that focuses on impact financing by providing business loans to micro entrepreneurs in Tier-III & below places, announced equity fund raise up to INR 271 crore in its board meeting held on July 17, 2024. The capital raise includes INR 158 crore through preferential equity issue and INR 113 crore through equity warrants to both Promoters and Non-Promoters.
The fund raise will significantly strengthen the company’s capital position and support its growth plans. Out of the total equity capital raise, up to INR 186 crore is expected to be infused by August 2024, which will more than double the company’s existing capital base to over INR 350 crore.
Moneyboxx Finance has led the charge of driving financial inclusion in rural India by providing much-needed business loans to micro-entrepreneurs. With cumulative disbursements of over INR 1,200 crore as of March 2024, Moneyboxx has provided loans to over 1.5 lakh borrowers (including co-borrowers), of which 59% were women and 35% new-to-credit. The company’s strategic plan includes expanding its branch network to over 160 branches and achieving AUM of INR 1,400 crore by March 2025 from INR 730 crore as of March 2024.
Commenting on the fund raise, Mr. Deepak Aggarwal, Co-founder, Moneyboxx Finance Ltd, said, “We are excited about the strong support from our investors, which highlights their confidence in our business model and growth prospects. This fresh capital will enable us to enhance our outreach and impact in rural India, providing vital financial support to micro-entrepreneurs and contributing to their economic empowerment.”
The company remains committed to fostering inclusive growth and creating sustainable livelihoods. The additional capital will also allow Moneyboxx Finance to invest in technology and improve operational efficiencies, further solidifying its position as a reliable financial partner for micro-entrepreneurs in underserved regions.
The Company is supported by 32 lenders, including prominent banks like State Bank of India, HDFC Bank and Kotak Mahindra Bank.
