New Delhi: Moneyboxx Finance Limited has reached cumulative disbursements of Rs 440 crore up to January 2023, covering more than 26,000 borrowers across six states, with over 50 per cent of them being women entrepreneurs.
The company is focusing on financial inclusion by empowering micro entrepreneurs, especially women, by providing income-generating business loans. In Madhya Pradesh, it has served more than 3,000 female borrowers within three years of its operations.
The company said, “Moneyboxx plans to bridge the credit gap to improve their lives. The company is committed to transforming the lives of micro-entrepreneurs in Tier 3 cities and beyond by providing unsecured and secured business loans for income generation purposes.”
During the past decade, the country has witnessed a spike in the number of women-led small and micro enterprises (SMEs), which soared from 2.15 lakh to 1.23 crore, accounting for 20 per cent of domestic MSMEs. Given the pre-existing biases and paucity of access to movable and collateral assets, the nation ranks third in the entrepreneurship gender gap.
Elaborating on the efforts to bridge the gender gap, Mayur Modi, Co-founder, Moneyboxx Finance Ltd stated, “Emerging female entrepreneurs from Tier 2 and Tier 3 cities lack networking opportunities with other founders and experts in the segment. To address the situation, one needs to emphasise qualitative, non-conventional credit evaluation approaches, product innovation, and the use of technology and policy reforms to improve access to credit for women entrepreneurs.”
The company intends to augment its presence by increasing the branch network to 60 and building an asset under management (AUM) of more than Rs 400 crore in FY2023.
Moneyboxx started operations in February 2019 and it currently has 54 branches spread across six states – Rajasthan, Punjab, Haryana, Madhya Pradesh, Chhattisgarh and Uttar Pradesh. Moneyboxx provides unsecured and secured business loans to individual borrowers for income generation purposes in essential segments (livestock, kirana, traders as well as micro-manufacturers) in Tier 3 cities and beyond.
