Saturday, Jun 10 2023 | Time 00:32 Hrs(IST)
Business Economy

Moneyboxx crosses Rs 300 cr AUM, loan book swells

New Delhi, Mar 22 (UNI) Non-banking financial company Moneyboxx on Wednesday said that its assets under management (AUM) has now crossed Rs 300 crore while loan book is swelling to Rs 500 crore.
The company in an official statement noted that strong business growth and productivity led to robust growth in AUM to Rs 308 crore as of March 20, 2023, growing by 155 pc compared to Rs 121 crore as of March 2022.
AUM refers to the total market value of assets being managed by a financial institution.
Moneyboxx said that it is in the process of raising equity in March 2023 and is supported by 24 lenders including leading banks, NBFCs, impact funds, and additionally has co-lending and business corresponding partnerships in place with lenders.
"With the aim of driving financial inclusion in rural India, we aim to reach AUM of about Rs 1,000 crore and 100 branches by FY24 with growing and continuous support from our lenders, co-lending and BC (business correspondent) partnerships, and planned capital raise.”
Moneyboxx provides business loans to micro entrepreneurs in small towns and rural areas.
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