Moneyboxx Finance has collected Rs 271 crore through issuance of equities to support its growth plans.
In a statement, the LendTech company revealed that the capital raise includes Rs 158 crore through preferential equity issue and Rs 113 crore through equity warrants to both promoters and non-promoters.
Deepak Aggarwal, Co-Founder, Moneyboxx, said, “This fresh capital will enable us to enhance our outreach and impact in rural India, providing vital financial support to micro-entrepreneurs and contributing to their economic empowerment.”
The funds will significantly strengthen the company’s capital position and support its growth plan of the total equity capital raise, up to Rs 186 crore is expected to be infused by August 2024, which will more than double the company’s existing capital base to over Rs 350 crore.
This additional capital will allow Moneyboxx Finance to invest in technology and improve operational efficiencies.
The company’s strategic plan includes expanding its branch network to over 160 branches and achieving Assets Under Management (AUM) of Rs 1,400 crore by March 2025 from Rs 730 crore as of March 2024.
