Moneyboxx AUM crosses Rs 720 cr in FY24
Moneyboxx Finance, an NBFC providing small-ticket business loans to small enterprises, on Thursday said its asset under management (AUM) more than doubled during fiscal 2023-24 crossing Rs720 crore
image for illustrative purpose
New Delhi: Moneyboxx Finance, an NBFC providing small-ticket business loans to small enterprises, on Thursday said its asset under management (AUM) more than doubled during fiscal 2023-24 crossing Rs720 crore.
Moneyboxx aims to nearly double its asset under management (AUM) to Rs1,400 crore by March 2025, it said in a release. The company currently has 100 branches in eight states in north, central and west India, and also plans to significantly expand its presence and enter south India in the current financial year.
“We see significant potential for growth within the Rs1-10 lakh business loan sector, recognising the substantial gap in credit availability for micro-enterprises and the limited number of specialised providers in this field,” said Mayur Modi, Co-Founder of Moneyboxx. With cumulative disbursements of over Rs1,200 crore as of March 2024, Moneyboxx has provided loans to over 1.5 lakh borrowers (including co-borrowers), of which 59 per cent were women and 35 per cent new-to-credit. Currently supported by 32 lenders, including prominent banks like State Bank of India, HDFC Bank and Kotak Mahindra Bank, the company has raised cumulative debt of over Rs760 crore.
