Fintech startup Moneyboxx Finance is set to raise about $9 million (Rs75 crore) through preferential allotment to high-net-worth individuals (HNIs), family offices, and individual investors, per an announcement.
The proposed equity funding will almost double Moneyboxx’s existing capital base and provide a strong boost to its expansion plan and business growth, the company said in a statement.
The company, which provides business loans to micro-entrepreneurs in rural India, targets to expand its branch network to 100+ from its current 80 branches across 7 states by March 24.
Founded in 2018 by Deepak Aggarwal and Mayur Modi, the company currently operates in Rajasthan, Madhya Pradesh, Haryana, Punjab, Uttar Pradesh, Chhattisgarh, and Bihar. It caters to the underserved micro-entrepreneurs in essential segments (livestock, kirana, retail traders, micro-manufacturers) by extending unsecured and secured business loans from Rs 70,000 to 10,00,000 for a loan tenure of 12-84 months.
The company reported a net profit of Rs3.01 crore in H1 FY24 compared to a net loss of Rs4.52 crore in H1 FY23.
INDIA DEAL MONITOR
Here are the prominent venture capital transactions in India announced from November 7-14, 2023.