NEW DELHI: Moneyboxx Finance on Friday announced equity capital raise of over Rs 75 crore by way of preferential allotment to HNIs, family offices and individual investors. The proposed equity funding will almost double its existing capital base and provide a strong boost to its expansion plan and business growth, the company said in a statement.
The company, which provides business loans to micro entrepreneurs in rural India, targets to expand its branch network to over 100 from current 80 branches across 7 states and achieve asset under management (AUM) of over Rs 700 crore by March 2024.
Moneyboxx reported a net profit of Rs 3.01 crore for the first half of the current fiscal. In the year-ago period, it incurred a net loss of Rs 4.52 crore.
The company operates in Tier-III and below cities across Rajasthan, Madhya Pradesh, Haryana, Punjab, Uttar Pradesh, Chhattisgarh, and Bihar.
It provides unsecured and secured business loans from Rs 70,000 to Rs 10 lakh for a tenure ranging from 12 months to 84 months.
Shares of Moneyboxx Finance closed at Rs 195.55 apiece on BSE, down 0.23 per cent over Thursday.
