Moneyboxx, a lending technology startup that has been listed, intends to raise INR 176 Cr (approximately $20.9 Mn) through the issuance of equity shares on a preferential basis and warrants.
The new infusion will allow the company to expand its reach while simultaneously supporting the economic development of micro-entrepreneurs and providing financial assistance.
Moneyboxx announced in an exchange filing that its board has authorized the allotment of 20.79 lakh equity shares on a preferential basis at an issue price of INR 302.20 per equity share (inclusive of a premium of Rs. 292.20) in order to raise INR 63 Cr.
Moneyboxx has also distributed 37.37 Lakh warrants at a price of INR 302.20 each. These warrants grant holders the right to convert them into an equal number of equity shares within 18 months of the date of allotment.
The startup has already received INR 91 Cr as part of the agreement, with INR 63 Cr coming from a preferential equity issue and INR 28 Cr from warrants. It is anticipated that the remaining INR 85 Cr under warrants will be received within 18 months of the agreement.
Read also – Apptile Raises $1.2 Mn Fresh Funding Round from Singularity Early Opportunities
Moneyboxx stated in a statement that it intends to use the new funds to enhance its operations and invest in technology in order to further establish itself as a dependable financial partner for micro-entrepreneurs in underserved regions.
About Moneyboxx
Founded in 2018 by Deepak Aggarwal and Mayur Modi, Moneyboxx is committed to sustainable finance and constantly seek to support economically viable solutions.
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