Through a private placement with non-promoter investors, Moneyboxx Finance (Moneyboxx), a BSE-listed (NBFC) non-banking finance company, raises equity capital totaling more than Rs 24 crore.
Given the enormous credit gap that exists for micro enterprises in the loan segment under Rs. 10 lakhs, the company intends to use the funds to increase the scale of its operations and seize growth opportunities, as per reported by BW Disrupt.
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Commenting on the fund raise, Deepak Aggarwal, Co-founder, 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.”
“We have successfully scaled up our operations in the last four years and built a scalable and sustainable business model with strong portfolio quality owing to our robust, tech-driven underwriting practices and strong customer connect through on-ground presence”, he added.
They are a NBFC democratising access to capital to the undeserved micro-entrepreneurs in Tier 3 and beyond cities of the country. In a short span of two years, they have changed lives of more than 7000 lives and aim to impact 1 million lives in the next 5 years.
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