Moneyboxx Finance To Raise Rs75cr In Next Funding Round: Report
According to media reports, Moneyboxx Finance has plans to extend its branch network to over 100 by March 2024, with a targeted asset under management (AUM) of INR 700 Crore by the end of FY24
Fintech startup Moneyboxx Finance is set to raise INR 75 Crore (USD 9 million) in a strategic funding round through preferential allotment to high-net-worth individuals (HNIs), family offices, and individual investors.
Looking ahead, Moneyboxx Finance has plans to extend its branch network to over 100 by March 2024, with a targeted asset under management (AUM) of INR 700 Crore by the end of FY24. This latest funding round follows a previous injection of INR 24 Crore in April and aligns with the startup's equity funding goal of INR 160 Crore for FY24.
Founded in 2018 by Deepak Aggarwal and Mayur Modi, Moneyboxx Finance operates as a listed non-banking financial company (NBFC), offering unsecured and secured credit to underserved micro-enterprises in Tier-III cities across seven states. In the current fiscal year, the startup has already raised INR 99 Crore, reporting a net profit of INR 3.01 Crore in H1 FY24.
Competing in the fintech landscape against players like AyeFinance and Vistaar, Moneyboxx Finance aims to meet the demand for business capital in underserved areas of rural India. With the fintech sector in India, comprising over 2,100 startups, particularly the lendingtech segment, projected to present a market opportunity of $1.3 trillion by 2030, Moneyboxx is strategically positioned for growth in this dynamic market.
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