Moneyboxx Finance, an Indian lending technology startup, is set to raise INR 75 Crore ($9 million) in a strategic funding round, primarily through preferential allotment to high-net-worth individuals (HNIs), family offices, and individual investors. The funds will be dedicated to supporting the startup's expansion efforts, effectively doubling its current capital base, and enabling the provision of business loans in rural India.

Established in 2018 by Deepak Aggarwal and Mayur Modi, Moneyboxx Finance functions as a listed non-banking financial company (NBFC), concentrating on offering both secured and unsecured credit to underserved micro-enterprises in Tier-III cities across seven states. In the ongoing fiscal year, the startup has already garnered INR 99 Crore in funding, reporting a net profit of INR 3.01 Crore in the first half of FY24. Moneyboxx Finance has an ambitious expansion plan aimed at surpassing 100 branches by March 2024, with a target of reaching assets under management (AUM) milestone of INR 700 Crore by the end of FY24. This follows a previous funding round of INR 24 Crore in April and a current fiscal year equity funding goal of INR 160 Crore.

Competing with players like AyeFinance and Vistaar in the leading tech sector, Moneyboxx Finance aims to address the increasing demand for business capital in underserved regions of India, particularly Tier-III cities. The broader fintech landscape in India, which comprises over 2,100 startups, is seen as a substantial market opportunity projected to reach $1.3 trillion by 2030. In a related development, Oro Money, specializing in gold-backed loans, recently secured $12.5 million in funding. This funding aligns with Oro Money's strategic plans, including the exploration of an in-house credit marketplace, with a budget ranging from $15 million to $20 million, as disclosed in September.