Chennai, NFAPost: Moneyboxx Finance, a BSE-listed Non-Banking Finance Company that provides small-ticket loans to micro and small enterprises in tier-2 and tier-3 towns, has raised Rs 10 crore from three leading NBFCs- BlackSoil Capital, Caspian Impact Investments and Ashv Finance.
With the current round of fund raising, Moneyboxx has so far raised Rs 20 crore during the current fiscal and is targeting to raise a total of over Rs 80 crore from various lenders by the end of March 2021.
Moneboxx plans to utilize the proceeds to support its disbursement target of Rs 75 crore in the current fiscal, which will be 2 times of its lending in 2019-20.
Moneyboxx Finance Co-CEO and CFO, Deepak Aggarwal said, “We at Moneyboxx Finance have created a robust system to support micro-businesses and entrepreneurs and the fact that leading lenders such as BlackSoil, Caspian and Ashv Finance have reposed faith in us is a validation of our business model and we are indeed grateful to them for their support. The funds will help us further our cause of supporting the deserving micro enterprises and create a positive impact in this segment.”
“Our collection efficiency of 95% moratorium and over 99% from September onwards despite COVID-19 challenges is testimony to the fact that if underwriting and collection processes are robust, it is possible to create same or even better quality of book along with a sustainable and profitable business model in the unsecured lending segment,” he added.
BlackSoil expressed its pleasure for associating with Moneyboxx.“We are impressed with the core underwriting and collection model at Moneyboxx. Their sound processes have ensured a resilient portfolio even in the present environment. It is our pleasure to support them in building up their portfolio and expanding their presence in new geographies,” said BlackSoil Capital Co-Founder & Director Ankur Bansal.
BlackSoil Capital has completed over 45 deals in this space and disbursed Rs 450 crore already in the past four years of operations.