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NBFC Moneyboxx Finance on Friday said it has secured a Rs 20 crore term loan from Maanaveeya Development & Finance, and the funds will be used for onward lending to micro entrepreneurs.
Maanaveeya is an Indian subsidiary of Oikocredit.
Moneyboxx is supported by 24 lenders, including SBI, IDFC First Bank, DCB Bank, AU SFB, and has raised cumulative debt of close to Rs 400 crore.
With planned equity raise and continuous support from lenders and co-lending partnerships, the company is targeting asset under management (AUM) of Rs 1,000 crore by 2023-24 from 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 micro entrepreneurs 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Fri, March 17 2023. 18:59 IST
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