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Moneyboxx Finance advances its financial inclusion drive by expanding in Haryana

Posted On : 2022-06-14 17:37:24( TIMEZONE : IST )

Moneyboxx Finance advances its financial inclusion drive by expanding in Haryana

Moneyboxx Finance Limited (Moneyboxx) - a BSE-listed NBFC that provides small-ticket business loans to micro and small enterprises in Tier-II and Tier-III cities - has opened a new branch in Haryana. Moneyboxx now has a 31-branch network in five states - Rajasthan, Punjab, Haryana, Madhya Pradesh, and Uttar Pradesh. The Company plans to strengthen its presence and customer reach by doubling its branch network to 60 and build AUM of over INR 400 crores by FY23.

The new branches will address the unmet credit needs of underserved micro enterprises. Moneyboxx drives financial inclusion by providing credit for income generation to underserved micro enterprises in Tier-Il and Tier-Ill regions in India. Since its inception, Moneyboxx has transformed lives of more than 16,000 borrowers with cumulative disbursements of over INR 216 crores up to May' 22.

Commenting on the recent branch expansion, Mr. Mayur Modi, Co-founder, Moneyboxx Finance Ltd said, "Opening of the Yamunanagar branch will bolster our commitment to provide credit services to the underserved section of borrowers in underserved markets. This is a step forward in broadening our horizon and the commitment towards small businesses to enable financial inclusion. As the market in Haryana is witnessing rapid growth, we will help borrowers to avail both secured and unsecured loans and try to bridge the currently existing credit gap. Our robust, highly scalable business model is powered by digital process and risk analytics, backed by solid branch unit economics with low Capex and operating costs."

The Company is supported by 19 lenders and raised INR 20.77 crore equity in June 2022 after INR 14.42 crore equity raised in December 2021. AUM crossed INR 120 crore milestone in March 2022 and the Company plans to reach AUM of over INR 400 crores by FY23.

Shares of Moneyboxx Finance Ltd was last trading in BSE at Rs. 129.30 as compared to the previous close of Rs. 129.40. The total number of shares traded during the day was 895 in over 26 trades.

The stock hit an intraday high of Rs. 130.00 and intraday low of 125.10. The net turnover during the day was Rs. 114732.00.

Source : Equity Bulls


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