Moneyboxx Finance has recently informed executives that the company received term loans of Rs 400 million from HDFC Bank and AU Small Finance Bank.
This funding will boost its branch network to 156 in 12 states by October 2024, from 100 in March 2024. Moneyboxx seeks to have over 160 branches and Rs 1,300 crore in AUM by March 2025.
The company offers business loans to micro-entrepreneurs in underserved areas, with total disbursements surpassing Rs 1,300 crore to over 1.6 lakh borrowers.
Mr. Deepak Aggarwal, Co-founder, Moneyboxx Finance Ltd, stated, “We appreciate the strong support from our lenders, which highlights their confidence in our business model and growth prospects. The increase in the debt capital will enable us to enhance our outreach and impact in rural India, providing vital financial support to micro-entrepreneurs and contributing to their economic empowerment.”
