Moneyboxx Secures Rs 20 Crore Term Loan From Maanaveeya
Moneyboxx is supported by 24 lenders, including SBI, and has raised cumulative debt of close to Rs 400 crore.
NBFC Moneyboxx Finance said on Friday it has secured a Rs 20 crore term loan from Maanaveeya Development & Finance, and the funds will be used for onward lending to microentrepreneurs.
Maanaveeya is an Indian subsidiary of Oikocredit.
Moneyboxx is supported by 24 lenders, including the State Bank of India, IDFC First Bank, DCB Bank, and AU Small Finance Bank, and has raised a cumulative debt of close to Rs 400 crore.
With a planned equity raise and continuous support from lenders and co-lending partnerships, the company is targeting asset under management of Rs 1,000 crore by 2023-24, up from its current AUM of Rs 290 crore as of February 2023, it said in a release.
"The loan from Maanaveeya will help boost our efforts in fostering financial inclusion by addressing the unmet and growing need for credit in the Rs 1–10 lakh small business loan segment," said Deepak Aggarwal, Co-founder, Moneyboxx.
The BSE-listed NBFC focuses on impact financing by providing business loans to microentrepreneurs in Tier III cities and below. The company's cumulative disbursement was over Rs 471 crore up to February 2023.
Moneyboxx, which provides unsecured and secured business loans, has 56 branches spread across Rajasthan, Punjab, Haryana, Madhya Pradesh, Uttar Pradesh, and Chhattisgarh.