New Delhi, Mar 25 (PTI) Moneyboxx Finance that provides small-ticket loans in Tier-II and III towns on Thursday said it has raised Rs 25 crore in debt from a slew of lenders, including NBFCs and a small finance bank since January 2021, which will be towards impact funding, among others.

The BSE listed company also plans to raise over Rs 200 crore in 2021-22 with a mix of debt and equity financing.

As many as nine new lenders including AU Small Finance Bank, Hinduja Finance, Ambit Finance, InCred Financial, UCInclusive Credit, Profectus Capital, Capri Global and others have reposed faith in Moneyboxx Finance by providing debt support to the company, it said in a release.

Moneyboxx Finance Ltd (MBFL) further said it plans to utilise the proceeds to support its disbursement target in the current and upcoming financial year. It will also utilise the proceeds to undertake ‘impact funding', thus benefiting the society at large.

Earlier during 2020-21, MBFL had raised a debt of Rs 20 crore from three NBFCs.

"With this MBFL has been able to diversify its borrowing profile by adding twelve new lenders in this fiscal year, thus taking its total lender count to 14," it said.

MBFL further said its asset under management (AUM) would grow at over 100 per cent in 2020-21 despite negligible business in the first half of the fiscal due to the CoVID-19 pandemic.

Deepak Aggarwal, Co-Chief Executive Officer and CFO (Chief Financial Officer)  of Moneyboxx Finance said the funds raised will not only assist the company in ramping up operations and expansion but also help it to amplify profitability while bringing necessary credit to people and sectors who need it the most and create economic value for them.

Shares of the company closed at Rs 67.70 apiece on BSE, up 4.15 per cent.

MBFL, which started operations in February 2019, has 22 branches spread across Punjab, Haryana, Rajasthan, and Madhya Pradesh. It plans to open 24 new branches during the next fiscal.

It focuses on disbursing small ticket unsecured business loans to individual borrowers (livestock, Kirana, traders, micro-manufacturers in Tier-II and III cities) with loans ranging from Rs 50,000 to 3,00,000, for 24 months tenure on average.

(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)