Moneyboxx Finance has raised Rs 14.41 crore equity capital through the private placement route from non-promoter investors. The firm provides small-ticket loans to micro and small enterprises in tier-III towns and below places.
The company has strengthened its capital position with this fundraise and plans to use it for expanding scale of operations and tap growth opportunities given the huge unmet credit gap for micro enterprise, Moneyboxx said in a release. “The company’s AUM (Asset Under Management) will cross Rs 100 crore in January 2022, supported by growing business at existing branches, and the fundraise would further augment AUM expansion by additional Rs 75 crore,” it said.
Deepak Aggarwal, Co-founder of Moneyboxx Finance, said the equity fundraise along with growing and continuous support from the lenders will help the company to further the cause of supporting the micro enterprises and create a positive impact in this segment. The company’s portfolio remains resilient despite the challenges created by the COVID-19 pandemic, reflected in our high collection efficiency and very low NPAs, he added.
With the latest round of fundraise, Moneyboxx also plans to add seven branches to increase the network to 30 by March 2022. Shares of Moneyboxx closed at Rs 116.80 apiece on BSE, up 1.48 per cent over previous close.