Moneyboxx secures term loan worth Rs 50 crore to SBI | Rare Techy
Moneyboxx Finance Limited has secured a loan of Rs 50 million from SBI for a period of 4 years. The company will use the funds for subsequent lending to micro-entrepreneurs in the agricultural and allied sectors.
This loan from SBI, along with ongoing infusion of debt from 21 existing lenders, will enable the company to increase its AUM from Rs 190 crore to Rs 400 crore by October 2022 to March 2023, according to the company’s plans.
Deepak Aggarwal, Co-Founder, Moneyboxx said, “We are very excited and grateful to SBI for this vote of confidence in our highly successful and unique fiat business model, where we not only provide growth capital to agribusinesses. provide small and marginal, but also complement this with important initiatives outside of lending, while maintaining the quality of the latter’s capital.
The term loan from SBI will help to enhance our efforts in promoting financial inclusion by addressing the unmet need and growth of credit in the small business credit segment of Rs1-10 Lacs. With a strong and highly scalable business model in place, supported by a fully digital process and risk analytics capabilities, we are poised to create a greater positive impact on small businesses across small towns.
Moneyboxx drives financial inclusion by meeting the unmet credit needs of micro entrepreneurs in Tier-3 and below regions. With accumulated disbursements of over Rs 320 crore, it has transformed the lives of over 20 lakh borrowers, of whom 45% were women and 38% were refinancers.
The company has made lasting and transformative changes in the lives of borrowers through various effective initiatives such as its free counseling service for animal borrowers and free planting of fruit trees for its borrowers who own agricultural land, thereby providing an alternative source of income. . .
The company’s current branch network stood at 47 branches (17 new branches opened this fiscal} and plans to increase its branch network to 60 by the end of this financial year. Backed by a strong credit pipeline and planned capital increase, The company is committed to achieving an AUM of INR 400 crore by FY23 while increasing financial inclusion efforts.
Around 1:15 PM, Moneyboxx Finance was trading at Rs 168.05 per share down 2.24% on the BSE.
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