Bangalore, November 16, 2022: 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 and the company is transforming lives of micro entrepreneurs in Tier-III and below places by offering unsecured and secured business loans. As a part of this expansion, the company aims to meet 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 branches across six states – Rajasthan, Punjab, Haryana, Madhya Pradesh, Uttar Pradesh and Chhattisgarh.
Commenting on the recent branch expansion, Mr. Mayur Modi, Co-founder, 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 booming small businesses and agriculture landscape in the state. With our differentiated and proven ‘phygital’ business model which involves strong customer connect and fully digital approach, we aim to impact 1 million lives over the next five years.”
With planned equity fund raise and continuous debt funding from 22 lenders, including 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 lives of over 20k borrowers, of which 45% were women and 35% 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.
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