National, 13 October 2023: Moneyboxx Finance Limited announced equity capital raise of over INR 75 crores by way of preferential allotment to HNIs, family offices and individual investors in its board meeting conducted on November 10, 2023.
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, which drives financial inclusion by providing business loans to micro entrepreneurs in rural India, targets to expand its branch network to 100+ from current 80 branches across 7 states and achieve AUM of over INR 700 crores by Mar’24. The Company reported a strong turnaround in profitability in H1 FY24 on the back of strong NIM spread, and benefit of operating leverage with growing AUM. It reported net profit of INR 3.01 crores in H1 FY24 compared to a net loss of INR 4.52 crore in H1 FY23.