Mumbai, 29th March 2024; Moneyboxx Finance Limited, a BSE-listed that provides small ticket business loans to micro-enterprises, launched a new branch in Firozabad, Uttar Pradesh. With the opening of this branch, the company now has 100 branches across the country and all set to expand 60 new branches by FY25.
As a part of this expansion, Moneyboxx aims to meet growing and unmet credit needs of micro and small businesses in the state. With cumulative disbursements of over Rs. 1200 crore as of March 2024, it has transformed lives of over 1,10,000 borrowers, of which 57 per cent were women and 35 per cent new-to-credit. Moneyboxx provides unsecured and secured business loans ranging from Rs 70k-10 lakh to individual borrowers in Tier-III and below places.
With the recent opening of new branches in Bihar and Gujarat, the company now has branches across eight states which includes Rajasthan, Punjab, Haryana, Madhya Pradesh, Uttar Pradesh, Chhattisgarh, Bihar and Gujarat.
Commenting on the recent branch expansion, Mr. 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.
Currently supported by 31 lenders, including prominent banks like State Bank of India, HDFC Bank, and Kotak Mahindra Bank, the company has strengthened its financial position. Moneyboxx has strong asset quality with one of the lowest NPAs in the segment owing to its focus on essential sectors and robust underwriting practices.
