Moneyboxx Finance expands operations in Chhattisgarh, opens new branches

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Moneyboxx Finance that provides small-ticket business loans to micro enterprises on Wednesday said it has extended operations in Chhattisgarh by opening three new branches in the state.

As a part of this expansion, the company aims to meet growing and unmet credit needs of micro and small businesses in the state, the NBFC said in a release.

With the opening of new branches in Raipur, Bilaspur and Rajnandgaon districts of Chhattisgarh, the company now has 50 branches across six states Rajasthan, Punjab, Haryana, Madhya Pradesh, Uttar Pradesh and Chhattisgarh.

"Our new branches will cater to the needs and provide credit services to the underserved section of borrowers in Tier-3 and below places. Our presence in Chhattisgarh will help address the increased credit demands amid the booming small businesses and agriculture landscape in the state," Mayur Modi, Co-founder of Moneyboxx Finance, said.

Further, Moneyboxx said with planned equity fund raise and continuous debt funding from 22 lenders, including recently secured Rs 50 crore term loan from SBI (State Bank of India) and Rs 20 crore NCD (Non-Convertible Debentures) from Vivriti Asset Management, the company plans to ramp up its AUM (Assets Under Management) from Rs 190 crore as of October 2022 to Rs 400 crore by March 2023.

With cumulative disbursements of over Rs 320 crore as of October 2022, it has transformed lives of over 20,000 borrowers, of which 45 per cent were women and 35 per cent new-to-credit.

Moneyboxx provides unsecured and secured business loans ranging from Rs 1-7 lakh to individual borrowers in Tier-III and below places.