Moneyboxx is a lending tech startup that announced its plan to raise $32.4 million through equity and warrants. The company plans to use these fresh proceeds to scale its operations, fuel its growth, enhance its platform for better user experience, and expand its network in rural India. The startup provides small-ticket business loans to micro and small companies in tier-III cities and lower. The platform uses cutting-edge technologies to allow a seamless experience for users while processing transactions. We are disscusing about Lending tech startup Moneyboxx to raise $32.4 million through equities.
We are disscusing about Lending tech startup Moneyboxx to raise $32.4 million through equities:
The exchange filing mentioned that the board approved a special resolution to grant up to 52,45,736 equity shares at an issue price of Rs 302.2 per share to raise Rs 158.52. The startup also approved another resolution to grant up to 37,37,745 warrants that are convertible into an equal number of equity shares with an issue price of Rs 302.2 per share to raise Rs 112.95 crore. The firm plans to use the investment to expand its MSME lending platform and strengthen its brand presence while gaining the trust of its customers. The company wants to provide affordable loans to its customers with lower interest rates through its online platform.
The co-founder of Moneyboxx, Deepak Aggarwal, mentioned that this funding will help the startup to enhance its services and spread its network across rural India. The investment will enable the firm to support small businesses and contribute to their economic empowerment. The firm focuses on becoming a secure, trustable, and convenient loan lending platform nationwide. Moneyboxx offers a platform that facilitates loaning transactions between small and medium entrepreneurs and NBFCs or banks and provides other financial requirements. The application offers customized loans to micro businesses across sectors.
The firm mentioned that around 59 percent of the borrowers across the platform are women. The startup provides loans up to Rs 10 lakh to micro and medium entrepreneurs that can help them across different sectors. This new investment will enable the startup to scale its operations and improve lending solutions across rural India. The company plans to strengthen its market presence and increase its operations. This non-banking finance company operates 107 branches across eight states.
Conclusion
Moneyboxx is a loan lending tech startup that plans to raise $32.4 million through equity and warrants. The firm announced a special resolution to grant up to 52,45,736 equity shares on the preferential issue to raise Rs 158.52 crore. The startup intends to use this fresh capital to fuel its growth, help MSMEs secure loans, and scale its operations while expanding in rural India.
The startup has provided loans worth Rs 1,200 crore to more than 1.5 lakh customers through its online platform. Moneyboxx plans to launch over 160 branches to achieve an AUM worth Rs 1,400 crore by the following year. The startup competes with other lending platforms such as Stash, Changed, and Spenny. The platform uses advanced technologies to offer a seamless experience to its users.
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