Moneyboxx Finance Limited, a NBFC, has expanded its branch network to 141 locations by entering South India, the company announced today.
In September 2024, Moneyboxx opened 28 new branches, including 18 in Andhra Pradesh, Karnataka, Tamil Nadu, and Telangana.
The shares of Moneyboxx Finance Limited were trading at ₹269.00 down by ₹2.95 or 1.08 per cent on the BSE today at 2.15 pm.
The expansion is part of the company’s plan to reach 156 branches across 12 states by the end of October 2024, up from 100 branches in 8 states in March 2024. This growth is supported by a recent equity raise of ₹176 crore, with ₹91 crore received in September 2024.
Moneyboxx, which focuses on providing business loans to micro-entrepreneurs in tier-III and below locations, reported cumulative disbursements of over ₹1,300 crore up to June 2024. The company has served over 1.6 lakh borrowers, with 58% being women and 30 per cent new-to-credit.
The NBFC aims to achieve an Assets Under Management (AUM) of over ₹1,300 crore by March 2025, up from ₹730 crore in March 2024. Moneyboxx is supported by 33 lenders, including major banks like State Bank of India, HDFC Bank, and Kotak Mahindra Bank.