Moneyboxx Finance expands its financial inclusion drive by entering Indore

11 Apr 2022 , 03:50 PM

Moneyboxx Finance Limited has opened a new branch in Indore. Moneyboxx now has a 30-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 in the coming financial year.

The new branch will address the needs of underserved micro enterprises by offering them business loans for income generation. Since its inception, Moneyboxx has transformed lives of mare than 15,000 borrowers in Tier-IIl and below places with cumulative disbursements of over Rs200 crores up to Mar’22. Of these, 30% were women entrepreneurs and 32% first-time borrowers.

Commenting on the recent branch expansion, Mayur Modi, Co-founder, Moneyboxx Finance Ltd said, “The opening of the Indore branch reinforces our commitment to providing credit services to underserved borrowers in the country. This is a step ahead in extending our reach and the commitment to financial inclusion.

As indore is a rapidly growing, strategically important market, we will help borrowers manage the huge credit gap by availing unsecured loans from us. 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.”

Supported by 18 lenders, the Company raised Rs14.41 crore equity in December 2021 and crossed the Rs120 crore AUM milestone in March 2022. With plans to target an AUM of Rs400 crore in FY2023, Moneyboxx drives financial inclusion by providing credit for income generation to underserved micro enterprises in Tier-II and Tier-Ill regions in India.