Latest News | Moneyboxx Finance's AUM Crosses Rs 100 Cr; Aims Four Times Growth in FY23
Get latest articles and stories on Latest News at LatestLY. Non-banking financial company Moneyboxx Finance on Wednesday said its assets under management (AUM) has crossed Rs 100 crore and it targets to grow it by four times in the next financial year.
New Delhi, Mar 9 (PTI) Non-banking financial company Moneyboxx Finance on Wednesday said its assets under management (AUM) has crossed Rs 100 crore and it targets to grow it by four times in the next financial year.
The company, which provides small-ticket loans to micro and small enterprises in tier-III and below locations, said it crossed the Rs 100-crore AUM milestone in January 2022 on the back of rising branch productivity and strong disbursements in the third quarter of 2021-22.
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The company's cumulative disbursements reached Rs 168 crore till January 2022, since the beginning of its operations in February 2019, Moneyboxx Finance said in a statement.
The company is targeting to reach an AUM of Rs 400 crore in FY23, it said.
The company had raised Rs 14.41 crore equity capital in December 2021. Supported by 17 lenders, the company said it plans to add six branches by March 2022, taking the branch network to 30 in five states.
The NBFC said it has so far transformed the lives of over 12,000 borrowers, of which 26 per cent are women entrepreneurs and 31 per cent are first-time borrowers.
Moneyboxx said it is possibly the only NBFC in India that is hiring veterinarians in branches to help dairy farmers improve milk yield and cattle health. It is committed to bringing a positive change even beyond financing.
"We see tremendous growth opportunity in the Rs 1-10 lakh loan segment given, the huge credit gap for micro-enterprises and presence of few focused players in this segment," Moneyboxx Finance co-founder Deepak Aggarwal said.
He said the company plans to reach AUM of Rs 400 crore by FY23 with a planned capital raise, as well as growing and continuous support from its lenders.
The company offers small-ticket business loans of Rs 50,000-Rs 3 lakh for an average tenure of 24 months to individual borrowers engaged in livestock, kirana and micro-manufacturing activities. HRS hrs
(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)