[Funding alert] BSE listed NBFC Moneyboxx Finance raises debt of Rs 10Cr from BlackSoil, Caspian, and others
Summary
The NBFC plans to utilise the proceeds to support its disbursement target of Rs 75 crore in the current fiscal, which will be two times of its lending in 2019-20. “Our collection efficiency of 95 percent during the moratorium, and over 99 percent from September onwards despite COVID-19 challenges is testimony to the fact that if underwriting and collection processes are robust, it is possible to create the same or even better quality of book along with a sustainable and profitable business model in the unsecured lending segment,” Deepak added. MBFL focusses on disbursing small ticket unsecured business loans to individual borrowers (Livestock, Kirana, Traders, Micro-manufacturers in Tier-II and III cities) with loans ranging from Rs 50,000 to 3,00,000, mostly for 24 months tenure. BlackSoil has completed over 45 deals in this space and has disbursed Rs 450 crore in the past four years of operations. “We are delighted to be a part of Moneyboxxs growth story, and hope to play a vital role in their journey as they leverage technology, strong credit culture, and on-field presence to reach out to the micro-entrepreneurs and SMEs, who lack access to formal credit," stated Avishek Gupta, Investment Director at Caspian Debt, which provides customised debt solutions to professionally managed enterprises that work towards creating positive social and environmental impact.