MSME loan provider Moneyboxx will double its workforce in 2023 to drive growth

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Plans to double its headcount and branch network to 600 and 60 respectively by FY2023.

Intends to improve technical capabilities and provide on-the-ground assistance

Moneyboxx Finance Limited (Moneyboxx) – an NBFC that provides low-cost commercial loans to micro and small businesses – will double its staff from 300 professionals to over 600 by the end of FY2023. The new hires at entry and mid-level will be largely in areas such as sales, credit risk management and some important IT roles. With new hires, the size of the team is expected to increase across the board. For example, Moneyboxx’s sales and credit risk teams will more than double their current size.

The new hires will meet growing demand from individual borrowers to provide low-cost business loans and implement seamless delivery. To keep pace with growing customer demand, continue branch expansion efforts and increase its diverse technology portfolio, the company also plans to achieve AUM of INR 400 crore by FY 2023 from FY2023. around INR 120 crore (FY2022, expected).

Elaborating on the plans, Mayur Modi, co-founder of Moneyboxx Finance Ltd, said: “Our customer base has steadily grown, which has led to an increase in demand for comprehensive technology and service offerings. Therefore, we are looking for experienced professionals across all functions and branches for seamless service delivery to clients. Operating through a fully digital process, risk analysis and a strong branch unit economics with low capital and operating costs, our business model will catalyze efforts to grow the workforce. »

Recently, Moneyboxx crossed the AUM of INR 100 crore and plans to reach the figure of INR 400 crore by FY2023 focusing on essential sectors and services. To date, the Society has transformed the lives of over 12,000 borrowers. Of these, 26% were women entrepreneurs and 31% first-time borrowers.

About Moneyboxx Finance Limited

Commencing operations under 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 target is to build an Assets Under Management (AUM) of INR 1,000 crore over the next three years. Moneyboxx focuses on disbursing small commercial loans to individual borrowers (livestock, kiranas, traders as well as micro-industrial in Tier III towns and above) with loans ranging from INR 50,000 to INR 300,000, typically for mandates of 24 months on average.

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