Moneyboxx sees rise in female borrowers; Madhya Pradesh tops the list
2 min read . Updated: 18 Feb 2023, 04:31 AM IST
Premium- Moneyboxx disbursed business loans to more than 26,000 borrowers across six states with over 50% of them being women entrepreneurs
Moneyboxx Finance Limited – a BSE-listed NBFC (non-banking finance company) has said that it has reached cumulative disbursements of ₹440 crore up to January 2023.
The NBFC disbursed business loans to more than 26,000 borrowers across six states with over 50% of them being women entrepreneurs.
Moneyboxx said that in Madhya Pradesh, it has served more than 3,000 female borrowers within three years of its operations.
According to Moneyboxx, India has witnessed a spike in women-led small and micro enterprises in the past 10 years. The women-led MSMEs have increased from 2.15 lakh to 1.23 crore, accounting for 20% 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," Moneyboxx said in a press statement.
On bridging the gender gap, especially in entrepreneurship, 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 emphasize qualitative, non-conventional credit evaluation approaches, product innovation, and the use of technology and policy reforms to improve access to credit for women entrepreneurs".
Moneyboxx has aimed to expand its branch network to 60 and build an AUM (assets under management) of more than ₹400 crore in FY2023.
Moneyboxx started its operation in 2019 February. At present, the NBFC has 54 branches spread across six states – Rajasthan, Punjab, Haryana, Madhya Pradesh, Chhattisgarh, and Uttar Pradesh.
Moneyboxx provides unsecured and secured business loans ranging from ₹70,000 to ₹7 lakh to individual borrowers for income generation purposes in essential segments (livestock, kirana, traders as well as micro-manufacturers) in Tier 3 cities and beyond.