BSE-listed Moneyboxx Finance Limited, which provides loans to livestock farmers and small businesses, has more than doubled its assets under management (AUM) to  ₹720 crore during the 2023-24 fiscal. 

A statement from the company, which currently has 100 branches across 8 States, said it sees strong growth opportunities in rural and semi-urban India.  The Mumbai-based firm plans to significantly expand its presence and enter south India during the current fiscal.

The statement said with cumulative disbursements of over ₹1,200 crore as of March 2024, Moneyboxx has transformed the lives of over 1,50,000 borrowers (including co-borrowers), of which 59 per cent were women and 35 per cent new-to-credit. 

Significant growth potential

Mayur Modi, Co-Founder, Moneyboxx, was quoted as saying, “We see significant potential for growth within the ₹1-10 lakh business loan sector, recognising the substantial gap in credit availability for micro-enterprises and the limited number of specialised providers in this field.”

Currently supported by 32 lenders, including banks such as State Bank of India, HDFC Bank, and Kotak Mahindra Bank, the company has raised cumulative debt of over ₹760 crore.  

The company recently raised $9 million as part of a strategic funding round via preferential allotment to HNIs, family offices and individual investors. The statement said Moneyboxx aims to nearly double its AUM to ₹1,400 crore by March 2025.