Bombay Stock Exchange (BSE)-listed non-banking financing company (NBFC) Moneyboxx on Monday said it has raised Rs 21 crore by way of private placement from non-promoter investors.

This comes after the NBFC had raised 14.42 crore in equity funding in December 2021. The company is looking to raise around Rs 100 crore by the end of 2022, sources said.

Private placement is the sale shares to pre-selected investors or institutions, rather than on the open market.

The fintech company plans to use the funds to expand the scale of its operations and tap growth, it said.

Founded in 2018 by Deepak Aggarwal and Mayur Modi, Moneyboxx provides unsecured and secured business loans to individual borrowers including kirana owners, traders, and micro manufacturers in tier-3 cities and beyond. It provides loans ranging from Rs 70,000 to Rs 7 lakh.

The company has around 30 branches spread across five states — Rajasthan, Punjab, Haryana, Madhya Pradesh and Uttar Pradesh.

“We have built a sound business model and our portfolio remains resilient despite the challenges created by the Covid-19 pandemic, reflected in our high collection efficiency and very low NPAs, attributed to our robust, tech-driven underwriting practices,” said Aggarwal.

Moneyboxx had assets under management (AUM) of Rs 119 crore as of March 2022, growing by 92% over last year.

“We plan to expand the current network of 30 branches across five states to 60 branches by FY23 and over 100 branches by FY24,” Aggarwal said

The company will also expand its operations in existing states and enter new states. It aims to build AUM of over Rs 400 crore by FY23 and over Rs 1,000 crore by FY24, he added.

Moneyboxx Finance reported a standalone net loss of Rs 0.42 crore in the March 2022 quarter, BSE filings showed.

For the whole of FY22, the company reported a net loss of Rs 3.72 crore as against a net loss of Rs 2.97 crore in the previous fiscal year.