Moneyboxx Finance raises debt of Rs 10 crore from Eclear Leasing

NEW DELHI: Moneyboxx Finance Ltd.(MBFL) that provides small-ticket loans to micro and small enterprises in tier-2 and tier-3 towns has announced that it has raised Rs 10 crore from Eclear leasing to support its disbursement target of Rs 80- Rs 85 crore in the current fiscal.

Eclear Leasing, which supports NBFCs and MFIs in financial inclusion space has been the first lender of MBFL and has reposed faith in it by sanctioning Rs 18 crore till date.

Moneyboxx is targeting to raise Rs 100 crore from various lenders. It is also in the final stages of securing another Rs 30 crores by end of November for onward lending from six leading investors including a global impact fund and a small finance bank.

Commenting on the debt raised by the company, Deepak Aggarwal, Co-CEO, Moneyboxx Finance Ltd said, “This will go a long way in helping us achieve our target of disbursing Rs 80 – Rs 85 crore during FY21, which will close to 2.5 times of the disbursement made during FY20 that stood at Rs 34 crore.”

“Our collection efficiency of 95 percent during moratorium and over 99 percent in September is helping us build confidence among private lenders. We want to further cement our relationship with about fifteen lenders in current fiscal which will not just validate our model but will also support our target of four fold jump in AUM in FY22 over FY21,” he said in a statement.

“During the lockdown, while many borrowers sought moratorium, Moneyboxx continued to pay regular installments, reflecting their discipline in managing books and focus on collections and sustainability,” said Manoj Bansal, the company’s Managing Director in a statement.

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