Moneyboxx Finance Raises Rs 271 Cr To Enhance Its Capital Position, Growth
Raised funds will significantly be used to strengthen the company's capital position and support its growth plans
Moneyboxx Finance (Moneyboxx), a BSE-listed Non-Banking Finance Company focused on impact financing by providing business loans to micro-entrepreneurs in Tier-III and below places, disclosed equity fundraising up to Rs 271 crore in its board meeting held on 17 July 2024.
The capital raise includes Rs 158 crore through preferential equity issues and Rs 113 crore through equity warrants to both promoters and non-promoters.
The fundraising will significantly strengthen the company's capital position and support its growth plans. Out 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.
Commenting on the fund raise, Mr. Deepak Aggarwal, Co-founder, Moneyboxx Finance Ltd, said, “We are excited about the strong support from our investors, which highlights their confidence in our business model and growth prospects. 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 company is supported by 32 lenders, including banks like State Bank of India, HDFC Bank, and Kotak Mahindra Bank.
