Moneyboxx Finance Turns Profitable in Q3 - Business News

By By Rediff Money Desk, MUMBAI
Feb 12, 2024 19:34
Moneyboxx Finance, an NBFC focused on small business lending, reported a profit of Rs 2.01 crore in Q3 FY24, driven by branch expansion and growth in lending partnerships.
Illustration: Dominic Xavier/Rediff.com
Mumbai, Feb 12 (PTI) Moneyboxx Finance, an NBFC engaged in small business lending segment, has reported a profit of Rs 2.01 crore for the quarter ended December 2023.

The company had incurred a loss of Rs 2.7 crore in December quarter last financial year.

The company posted a profit after tax of Rs 5.02 crore in April-December 2023-24. It incurred a net loss of Rs 7.22 crore in the year-ago period.

In December quarter FY24, total income was at Rs 33.52 crore. It was Rs 13.19 crore in the year-ago period.

In a statement, the company said its assets under management more than doubled to Rs 530 crore as of December 31, 2023, driven by branch expansion, higher productivity, and growth in lending partnerships.

"We have built a sustainable, scalable, and tech-driven business model with robust underwriting practices to cater to the promising and underserved small business loan market in rural and semi-urban areas," said Deepak Aggarwal, Co-CEO and CFO of Moneyboxx Finance.

The company caters to micro entrepreneurs by extending unsecured and secured business loans of Rs 70,000 to Rs 10 lakh for tenure from 12-84 months.
Read More On:
moneyboxx financenbfcsmall business lendingprofitq3fy24december 2023assets under managementbranch expansionlending partnershipsmicro entrepreneursbusiness loansruralsemi-urban
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

You May Like To Read

MORE NEWS

Adani Wilmar to Emulate ITC, Expand FMCG Portfolio

Adani Wilmar, India's largest edible oil company, plans to leverage its core business...

India to Boost Exports: 20 Nations Meet Jan 6-8

Indian officials from 20 countries will meet in New Delhi to discuss strategies to...

Karur Vysya Bank Expands in Tamil Nadu with Two...

Karur Vysya Bank has opened two new branches in Tamil Nadu, bringing its total branch...

CII's 7-Point Agenda for Job Creation in India

CII suggests a seven-point agenda for employment generation in India's upcoming budget,...

Anarock Doubles Office Leasing Team Amid Rising...

Anarock, a real estate consultant, is doubling its office leasing team to 100...

India FDI Surges: Goyal Highlights Growth...

India's FDI is booming, driven by investors from the Middle East, Japan, EU &&...

CCI to Boost Enforcement, Leverage Tech for...

CCI Chairperson Ravneet Kaur outlines plans to strengthen enforcement, enhance...

TRAI to Pilot Digital Consent System for Spam...

TRAI is launching a pilot program to digitize past user consents for commercial...

Caliber Mining IPO: Rs 600 Crore Coal Mining &...

Caliber Mining and Logistics, a Nagpur-based coal mining and logistics provider, files...

Neelkanth Realtors IPO: Sebi Filing, Details...

Neelkanth Realtors, a Mumbai-based real estate developer, files draft papers with Sebi...

Read More »

Sectoral Indices Market Indicators Listed Companies Gainers Losers Mutual Funds Portfolio Watchlist
© 2025 Rediff.com