[Funding alert] Non-banking platform Moneyboxx Finance raises Rs 10 Cr debt funding from Eclear
BSE-listed Non-Banking Finance Company Moneyboxx Finance Ltd (MBFL) on Wednesday announced that it has secured debt of Rs 10 crore from Eclear Leasing & Finance Pvt Ltd to support its disbursement target of Rs 80-85 crore in the current fiscal.
Commenting on the debt raised by the company, Deepak Aggarwal, Co-founder, Moneyboxx Finance Ltd, said,
“Since our inception, Eclear Leasing & Finance has been extremely supportive and we are indeed thankful to them, and also its top management including Manoj Bansal, for their continued support and trust that they have reposed in us. This will go a long way in helping us achieve our target of disbursing Rs 80-85 crore during FY21, which will close to 2.5 times of the disbursement made during FY20 that stood at Rs 34 crore.”
Deepak Aggarwal, Co-founder Moneyboxx Finance
Started its operation in February 2019, Moneyboxx was founded by Mayur Modi and Deepak Aggarwal. It provides small-ticket loans to micro and small enterprises in Tier-II and Tier-III towns, and has 11 branches spread across four states — Punjab, Haryana, Rajasthan, and Madhya Pradesh. The company further plans to open 11 new branches in the next two months in these states.
Speaking about the investment, Manoj Bansal, Managing Director, Eclear Leasing & Finance Pvt Ltd, said,
"During the lockdown, while many borrowers sought moratorium, Moneyboxx continued to pay regular installments, reflecting their strict discipline in managing books, strong underwriting and focus on collections and sustainability."
Eclear Leasing, which especially supports NBFCs and MFIs in financial inclusion space, has been the first lender of MBFL and has sanctioned Rs 18 crore till date.
Moreover, Moneyboxx is targeting to raise Rs 100 crore from various lenders. It is also in the final stages of securing another Rs 30 crore by end of November for onward lending from six leading investors, including a global impact fund and a small finance bank.