Latest News | Moneyboxx Finance Raises Rs 176 Crore
Get latest articles and stories on Latest News at LatestLY. Moneyboxx Finance, a NBFC providing business loans to micro entrepreneurs, on Friday said it raised Rs 176 crore to support growth plans.
New Delhi, Sep 13 (PTI) Moneyboxx Finance, a NBFC providing business loans to micro entrepreneurs, on Friday said it raised Rs 176 crore to support growth plans.
In a filing to BSE, the company announced the allotment of equity shares and warrants convertible to equity amounting to Rs 176 crore.
The capital raise includes Rs 63 crore via preferential equity issue and Rs 113 crore via equity warrants from both promoters and non-promoters.
"The company has received Rs 91 crore, which includes Rs 63 crore from preferential equity issue and Rs 28 crore from warrants, and the balance Rs 85 crore pursuant to warrants is receivable within 18 months," Moneyboxx Finance said.
The net worth of the company stood at Rs 174 crore as on June 30, 2024, which has increased by over 50 per cent by August 31, 2024 and will double with the total equity raise of Rs 176 crore, it said.
Over two-thirds of the fund raise has come from promoters and existing shareholders, demonstrating their confidence in the business model and growth prospects.
"The fund raise puts the company in a strong position to achieve its target of over INR 2,500 crore AUM by FY26, and the company plans to keep raising capital going forward," Moneyboxx Finance added.
Deepak Aggarwal, Co-founder of Moneyboxx Finance, said the fresh capital will enable us to enhance company's outreach and impact in rural India, providing vital financial support to micro-entrepreneurs and contributing to their economic empowerment.
Moneyboxx Finance has 123 branches spread across 11 states. It caters to micro entrepreneurs in segments, livestock, kirana, retail traders, micro-manufacturers by extending unsecured and secured business loans from Rs 1-10 lakh.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)