· Robust 161% YOY growth in AUM to INR 242.5# crore on improving branch productivity and expansion
· On track to double branches to 60 by Mar’23 with addition of 24 branches in 9M FY23
· Targets AUM of INR 360 crores by FY23 and INR 1,000 crore by FY24
January 5, 2023, Bengaluru: Moneyboxx Finance Limited (Moneyboxx), a BSE-listed NBFC, which drives financial inclusion by providing business loans to micro entrepreneurs in Tier-III towns & below places, crossed milestone of INR 100 crores gross disbursements# in Q3 FY23, driven by rising branch productivity and expansion. Gross Disbursements in the nine-month period ending Dec 2022 was INR 195.4 crore which almost grew by 3 times compared to INR 65.48 crore in the corresponding period last year. With cumulative gross disbursements of INR 397 crores, the Company has transformed lives of over 24,250 households of which 50% were women and 35% new-to-credit.
Strong business growth and productivity led to robust growth in AUM to INR 242.5 crore as of Dec’22, growing by 161% compared to INR 93.1 crore in Dec’21. The Company added 24 branches in nine-month period ending Dec’22, expanding its branch network to 54 branches across 6 states as of Dec’22. It plans to increase the branch presence to 60 by Mar’23 and over 100 branches by Mar’24.
The Company has raised debt from 23 lenders and during Dec’22 quarter, it availed debt funding from leading institutions – State Bank of India, Tata Capital, Vivriti Asset Management. The Company also has INR 25 crore of monthly co-lending facilities with Vivriti Capital and MAS Financial Services and recently entered into Business Correspondent partnership with Utkarsh Small Finance Bank Limited.
Commenting on the key milestone, Mr. Mayur Modi, Co-founder, Moneyboxx Finance Ltd said, “We see tremendous growth opportunity in INR 1-10 lacs loan segment given the huge credit gap for micro enterprises and presence of very few focused players in this segment. We have a robust and highly scalable business model which is powered by entirely digital process and risk analytics and have solid branch unit economics with low capex and operating costs. We have a proven business model to service this segment with robust underwriting practices and one of the best asset quality metrics in the industry (90+ PAR at 0.69% of AUM on Sep’22). We plan to reach AUM of INR 360 crores by FY23 and INR 1,000 crore by FY24 with growing and continuous support from our lenders, Co-lending and BC partnerships, and planned capital raise.”