Moneyboxx Finance raises Rs20.77 crore equity to fund AUM growth; stock skids ~3%

6 Jun 2022 , 12:47 PM

Moneyboxx Finance Limited announced that the company has raised Equity Capital of Rs20.77 crore by way of private placement from non-promoter investors on June 2, 2022, which followed the Rs14.42 crore of Equity raised in December 2021.

The Company has strengthened its capital position with the recent equity fund raises and plans to use the funds for expanding its scale of operations and tap growth opportunities given the huge unmet credit gap for micro-enterprises in the loan segment under Rs10 lakh.

Commenting on the fundraise, Mr. Deepak Aggarwal, Co-founder, Moneyboxx Finance Ltd, commented, “We at Moneyboxx Finance strive to provide credit to underserved micro-businesses and entrepreneurs in a cost-effective and transparent manner. The equity fund raise along with growing and continuous support from our lenders will help us to support our cause of supporting the deserving micro-enterprises and create a positive impact in this segment.”

Moneyboxx seeks to expand its current network of 30 branches across five states to 60 branches by FY23 and visions 100 branches by FY24 by expanding its operations in existing states and entering new states with an aim to build AUM of over Rs400 crore by FY23 and AUM of over Rs1,000 crore by FY24.

At around 12.46 PM, Moneyboxx was trading at Rs118, down by Rs3.80 or 3.12% on BSE.