Moneyboxx Finance expands reach in Haryana with a new branch; stock ends higher

15 Jun 2022 , 03:37 PM

Moneyboxx Finance Limited has informed the investors and exchanges that it has opened a new branch in Haryana.

The company now has a 31-branch network across 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 building an AUM of over Rs400 crore by FY23.

The new branches will cater to the unmet credit needs of underserved micro-enterprises.

Since its incorporation, Moneyboxx has transformed the lives of more than 16,000 borrowers. It has cumulative disbursements of over Rs216 crore up to May 22.

Commenting on the recent branch expansion, Mayur Modi, Co-founder of Moneyboxx Finance commented, “Yamunanagar branch opening will strengthen our commitment to facilitate credit services to the underserved section of borrowers in underserved markets. This is a step ahead in broadening our horizon and the commitment toward small businesses to enable financial inclusion.

As the market in Haryana is growing rapidly, we will help borrowers to avail of 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, supported by solid branch unit economics with low Capex and operating costs.”

Moneyboxx’s counter ended at Rs129.80, up by 0.39% against its previous close of Rs129.30 on BSE.