Fintech Firm Moneyboxx raises INR 21 Cr to fund expansion and business growth

Fintech Firm Moneyboxx raises INR 21 Cr to fund expansion and business growth

Getting loans for MSME customers is still a task.

They are not yet a part of an organized financial system and are not able to get the funds they deserve.

This is where Moneyboxx enters.

Founded by Deepak Aggarwal and Mayur Modi, Moneyboxx provides business loans to individual borrowers including Kirana owners, traders, and micro manufacturers in tier-3 cities and beyond.

They are into lending unsecured business loans ranging from ₹50,000 to ₹3,00,000 with an 

average tenure of 24 months.

With an initial focus on Haryana, Rajasthan, Punjab, Madhya Pradesh, and Uttar Pradesh, they have now intended to expand in North, Central, and West India following a cluster-based approach.

In a short span of two years, they have changed the lives of more than 7000 people and aim to impact 1 million lives in the next 5 years.

The company’s mission is to deliver easy, cost-efficient and technology-driven financing solutions to aspiring micro enterprises

Recently the startup raised INR 21 crore by way of private placement from non-promoter investors.

The raised funds will be used to expand the scale of its operations and tap growth.

Moneyboxx had assets under management (AUM) of Rs 119 crore as of March 2022, growing by 92% over last year.

The company plans to expand the current network of 30 branches across five states to 60 branches by FY23 and over 100 branches by FY24.

The startup is looking to raise INR 100 Cr by the end of 2022 for further expansion.

We can’t wait to see what more Moneyboxx has to offer.


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