Moneyboxx Finance, a BSE-listed startup that offers small-ticket loans to dairy farmers and shop owners, plans to raise funds and expand its net worth nearly fourfold to Rs 135 crore this fiscal.

The non-banking finance company plans to raise the capital in two phases. It is in the process of raising Rs 20 crore next month from high-net worth individuals. This would be followed by another Rs 80 crore equity raising later in the fiscal from institutional investors, said Deepak Aggarwal, co-founder and co-chief executive officer.

“We plan to raise the capital in such a way that the capital also takes care of next year’s growth as well,” Aggarwal said.

The lender had mobilized Rs 14.4 crore in December last year by selling shares to non-promoter investors at Rs 95 per share of Rs 10 face value.

The firm got itself registered as Moneyboxx Capital Private Ltd before acquiring Dhanuka Commercial Ltd — an existing listed NBFC — and renaming itself Moneyboxx Finance. It started operations in 2019.

Its assets under management stood at Rs 122 crore as of March 31. The lender aims to take its AUM to Rs 400 crore by the end of this fiscal.

Moneyboxx caters to micro and small enterprises in tier-III and smaller towns primarily through digital mode. It has 30 branches as well spread across five states — Rajasthan, Madhya Pradesh, Haryana, Punjab and Uttar Pradesh. About 70% of its loans are given to dairy farmers while it also caters to kirana store owners, retail traders and micro-manufacturers. Its business loans range between Rs 50,000 and Rs 3 lakh, with tenures of 6-36 months.

The lender plans to double its branches to 60 this year. “We are fully digital but not fully a financial technology firm. Our customers can’t be catered to by pure fintech as they need support in borrowing as well as repayments,” Aggarwal said.

The lender would also diversify into secured loan business from next week. It will start offering business loans in the range of Rs 2 lakh to Rs 7 lakh to existing borrowers for up to five years against mortgages such as houses or shops, the CEO said. “As these loans would be of larger ticket size, the majority of our book is likely to be secured after three years,” he said.

The Company has an outstanding debt of Rs 92 crore at the end of March in term loans and securitisation deals from as many as 18 lenders including AU Small Finance Bank, DCB Bank, Hinduja Leyland Finance and Vivriti Capital.