Small and medium enterprise-focussed non-banking financial company (NBFC) Moneyboxx Finance Ltd., on Friday said it has raised Rs 75 crore ($9 million) in equity from high-net-worth individuals, family offices and individual investors.
Beta Securities Pvt. Ltd, Amodini Sales Pvt. Ltd, Mohan Steel Strips and NABS Vriddhii LLP, are among the companies to be participating in the fundraise.
New Delhi-based Moneyboxx said that the latest funding will almost double its existing capital base and provide a strong boost to its expansion plan and business growth as the company plans to expand its brand network to over 100 from the current 80 branches across seven states.
Publicly listed Moneyboxx, which provides loans to micro-enterprises with a focus on impact financing, originally began operations in 2018 as Moneyboxx Capital Pvt. Ltd. It then acquired Dhanuka Commercial Ltd, an existing listed NBFC and changed its name to Moneyboxx Finance Ltd.
The company has raised Rs 99 crore in total equity since its inception.
As of September 2023, the company’s total assets under management stood at Rs 455 crore, up from Rs 344 crore in March 2023. The majority of its operations are limited to Chattisgarh, Uttar Pradesh, Punjab, Madhya Pradesh Haryana and Rajasthan.
It reported a net profit of Rs 3.01 crores in H1 FY24 compared to a net loss of INR 4.52 crore in H1 FY23. The company said that it saw a turnaround in the first half of the ongoing fiscal on the back of a strong Net interest margin (NIM) spread and the benefit of operating leverage with growing AUM.
It currently has 29 lenders, including eight leading banks, State Bank of India, HDFC Bank, IDFC First, AU SFB, DCB Bank, Federal Bank, Utkarsh SFB and Fincare SFB. It also raises capital from other NBFCs. It had raised Rs 20 crore from social impact investor Oikocredit.
