The company plans to disburse around Rs 85 crore in the current fiscal, a 2.5 fold jump from 2019-20 level.
Moneyboxx, which started operations in February 2019, currently has 11 branches spread across four states – Punjab, Haryana, Rajasthan and Madhya Pradesh. During the October-December quarter, it will open 11 new branches in these four states taking its total number of branches to 22. The new branches will come up at Mansa, Sangrur and Abhor (Punjab); Mahwa, Kekri and Sikar (Rajasthan); Kaithal, Jind & Bhiwani (Haryana); Agar and Sehore (Madhya Pradesh).
The NBFC is in the process of hiring another 100 employees, who will be primarily posted in the upcoming branches. It currently has around 110 employees.
In a statement, Mayur Modi, Co-CEO, Moneyboxx Finance Ltd said, “With strong financial position, we believe the time is ripe for us to expand our footprints. During the current fiscal, we aim to double our loan book, double our branch network and also double our employee base. For this purpose, we have released about 100 offer letters over the past three months with some of them going to people who lost their employment during COVID, which gives us satisfaction for being able to contribute to society in the best possible manner.”