Moneyboxx Finance, a BSE-listed NBFC that provides business loans to micro entrepreneurs in small towns, reached ₹ 100 crore in gross disbursements in Q3 FY23 due to rising branch productivity and expansion. Gross disbursements for the nine months ending December 2022 were ₹ 195.4 crore, nearly triple the ₹ 65.48 crore in the same period the previous year. With a total of ₹ 397 crore in gross disbursements, the company has impacted the lives of over 24,250 households, 50% of which were women and 35% new-to-credit.
Growth in business and productivity resulted in a 161% increase in AUM to ₹ 242.5 crore as of December 2022, up from ₹ 93.1 crore in December 2021. The company added 24 branches in the nine months ending December 2022, bringing its total to 54 branches in 6 states. It plans to increase its branch presence to 60 by March 2023 and over 100 by March 2024.
The company raised debt from 23 lenders and in the December 2022 quarter received funding from State Bank of India, Tata Capital, and Vivriti Asset Management. It also has ₹ 25 crore in monthly co-lending facilities with Vivriti Capital and MAS Financial Services and recently entered a business correspondent partnership with Utkarsh Small Finance Bank.
Commenting on the milestone, Moneyboxx Finance Co-founder Mayur Modi said, ‘We see great growth potential in the ₹ 1-10 lakh loan segment due to the large credit gap for micro enterprises and few focused players in this segment. We have a scalable, digital, and low-cost business model with strong underwriting practices and some of the best asset quality metrics in the industry (90+ PAR at 0.69% of AUM in September 2022). We plan to reach AUM of ₹ 360 crore by FY23 and ₹ 1,000 crore by FY24 with the support of our lenders, co-lending and BC partnerships, and planned capital raise.’
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