Plans to double its workforce and branch network to 600 & 60 respectively by FY2023.
Intends upgrading technical capabilities and providing on-ground assistance
Moneyboxx Finance Limited (Moneyboxx) – an NBFC that provides small-ticket business loans to micro and small enterprises – will double its headcount by 300 professionals, taking it to more than 600 by the end of FY 2023. The new hires at entry and mid-level will largely be in areas such as sales, credit risk management and select important roles in IT. With the fresh hiring, the team size is expected to grow across domains. For instance, the sales and credit risk teams of Moneyboxx will grow to more than twice their current size.
The new hires will meet the growing demand of individual borrowers to provide small-ticket business loans and build seamless delivery. To keep pace with the increasing customer demand, continue branch expansion efforts and augment its portfolio for diverse technologies, the Company also plans to reach an AUM of INR400 crores by FY2023 from about INR120 crores (FY2022, projected).
Elaborating on the plans, Mayur Modi, Co-founder – Moneyboxx Finance Ltd, said, “Our customer base has grown consistently, leading to an increase in demand for full-stack technological and service offerings. As a result, we are seeking experienced professionals across functions and branches for seamless service delivery to customers. Functioning via an entirely digital process, risk analytics and solid branch unit economics with low Capex and operating costs, our business model will catalyze efforts to boost the workforce."
Recently, Moneyboxx crossed the INR100 crore AUM and plans to reach the figure of INR400 crore by FY2023 with its focus on essential sectors and services. To date, the Company has transformed the lives of more than 12,000 borrowers. Of these, 26% were women entrepreneurs and 31% first-time borrowers.
About Moneyboxx Finance Limited
Beginning operations under its new ownership and management in February 2019, Moneyboxx currently has 30 branches spread across five states – Rajasthan, Punjab, Haryana, Madhya Pradesh and Uttar Pradesh. The medium-term aim is to build an INR1,000 crore asset under management (AUM) within the next three years. Moneyboxx focuses on disbursing small-ticket business loans to individual borrowers (livestock, kiranas, traders as well as micro-manufacturers in tier-III cities and beyond) with loans ranging from INR50,000 to INR300,000, typically for 24-month tenures on average.