Moneyboxx Finance raises Rs 271 Cr through equities
The capital infusion is expected to bolster Moneyboxx's financial position and fuel its expansion plans, particularly in providing business loans to micro entrepreneurs.
Moneyboxx Finance Limited, a non-banking finance company listed on the BSE, has raised Rs 271 crore through equity issuance.
The funding was approved in a board meeting on July 17, 2024. The raise includes Rs 158 crore through a preferential equity issue and Rs 113 crore via equity warrants, targeting both promoters and non-promoters.
The capital infusion is expected to bolster Moneyboxx's financial position and fuel its expansion plans, particularly in providing business loans to micro entrepreneurs in Tier III regions and below.
Up to Rs 186 crore of the capital is expected to be infused by August this year. This will more than double the impact lender’s existing capital base to over Rs 350 crore.
Founded in 1994 as Dhanuka Commercial Private Limited, the company was converted to a public limited company in 2014 and renamed Moneyboxx Finance Ltd in 2019. The NBFC provides secured and unsecured business loans to small entrepreneurs, with a focus on women, livestock rearing communities, and new borrowers.
Edited by Swetha Kannan