Moneyboxx Finance Limited, a BSE-listed organisation that provides small-ticket business loans to microenterprises, has opened a new branch in Firozabad, Uttar Pradesh. With the launch of this branch, the firm now has 100 branches across the country and plans to add 60 more by FY25.
Moneyboxx’s goal with this expansion is to satisfy the expanding and unmet credit demands of the state’s micro and small companies. With cumulative disbursements of over Rs. 1200 crore as of March 2024, it has impacted the lives of over 1,10,000 borrowers, 57% of whom are women and 35% are new to credit. Moneyboxx offers unsecured and secured business loans to individual borrowers in Tier III and below, ranging from Rs 70k-10 lakh.
With the recent launch of additional branches in Bihar and Gujarat, the company currently has locations in eight states: Rajasthan, Punjab, Haryana, Madhya Pradesh, Uttar Pradesh, Chhattisgarh, Bihar, and Gujarat.
Also Read | Moneyboxx Finance promotes financial inclusion by empowering female businesses
Commenting on the recent branch expansion, Mayur Modi, Co-founder, Moneyboxx Finance Ltd, said, “Our new branches will cater to the credit needs of the underserved section of borrowers in Tier-3 and below places. With our differentiated and proven ‘phygital’ business model which involves strong customer connect fully digital approach, we aim to impact 1 million lives over the next five years.” Through our various beyond lending initiatives such as complementary veterinary services, agroforestry initiatives, funding of biogas digestors, we aim to make noticeable impact on lives of our borrowers and environment.
The company has reinforced its financial position with the help of 31 lenders, including notable banks such as State Bank of India, HDFC Bank, and Kotak Mahindra Bank. Moneyboxx has high asset quality, with one of the lowest NPAs in the industry, because of its concentration on critical sectors and comprehensive underwriting standards.
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