Moneyboxx Finance closes on upper circuit after debt raising news

BSE-listed NBFC Moneyboxx Finance Limited (MBFL) raises debt of Rs 10 crore from BlackSoil Caspian and Ashv Finance. 

With the current round of fundraising, Moneyboxx Finance has raised Rs 20 crore so far during this fiscal year. It is targeting to raise a total of over Rs 80 crore this fiscal by the end of March 2021 from various lenders. It also plans to utilise the proceeds to support its disbursement target of Rs 80-85 crore this fiscal, which will be 2.5 times of its lending in 2019-20. 

Moneyboxx started its operations in February 2019 and currently, has 22 branches across four states- Punjab, Rajasthan, Madhya Pradesh, and Haryana. It further plans to open 22 new branches in FY22. MBFL focusses on disbursing small ticket unsecured business loans to individual borrowers in the tier-2 and tier-3 cities with loans ranging from Rs 50,000 to Rs 3,00,000 mostly for the tenure of 2 years.  

The collection efficiency of the company during the moratorium period was at 95 per cent despite the challenges faced. 

At 11:00 am, Moneyboxx Finance, after making a high of Rs 53.95 during the early market hours on Tuesday, was trading flattish at Rs 51.40 smilar to the previous days close.