As a part of this expansion, the company aims to meet the growing and unmet credit needs of micro and small businesses in the state.
Moneyboxx Finance Limited – a BSE-listed NBFC that provides small-ticket business loans to micro-enterprises, marked its entry into Chhattisgarh, expanding its total network to 50 branches in the country.
Financial inclusion is at the heart of its activity. The company is transforming micro-entrepreneurs lives in Tier-III and below places by offering unsecured and secured business loans.
As a part of this expansion, the company aims to meet the growing and unmet credit needs of micro and small businesses in the state.
With the opening of new branches in Raipur, Bilaspur, and Rajnandgaon districts of Chhattisgarh, the company now has 50 units across six states – Rajasthan, Punjab, Haryana, Madhya Pradesh, Uttar Pradesh, and Chhattisgarh.
Commenting on the recent expansion, Mr. Mayur Modi, Co-founder of Moneyboxx Finance Ltd, said, “Our new branches will cater to the needs and provide credit services to the underserved section of borrowers in Tier-3 and below places.
Our presence in Chhattisgarh will help address the increased credit demands amid the state’s booming small businesses and agriculture landscape. With our differentiated and proven ‘phygital’ business model which involves strong customer connect and a fully digital approach, we aim to impact 1 million lives over the next five years.”
With planned equity fundraising and continuous debt funding from 22 lenders, including a recently secured INR 50 crore term loan from SBI and INR 20 crore NCD from Vivriti Asset Management, the company plans to ramp up its AUM from INR 190 Crore as of Oct’22 to INR 400 crores by Mar’23.
The strong branch network will enable the company to address the needs of underserved micro enterprises by offering them business loans for income generation.
Moneyboxx is driving financial inclusion by catering to the unmet credit needs of micro-entrepreneurs in Tier-3 and below regions. With cumulative disbursements of over INR 320 crores as of Oct’22, it has transformed the lives of over 20k borrowers, of which 45% were women, and 35% were new-to-credit.
The company has engendered sustainable and transformational changes in borrowers’ lives through various beyond-lending impact initiatives such as free vet consultation service for livestock borrowers and free plantation of fruit-bearing trees for its borrowers who own agricultural land, thereby providing them with an alternate source of income.
This article was shared with Prittle Prattle News as a Press Release
