Moneyboxx Finance is a lender that set out to prove you can make good money by financing the small shops, dairy farms and workshops that India’s formal banking system overlooks - the “missing middle” whose credit needs of ₹1-25 lakh are too large for microfinance and too small or informal for big banks. Founded in 2019 by two Chartered Accountants with two decades in financial services, it opened its first branch in Bharatpur, Rajasthan, and has since built a 156-branch network across 12 states by doing something simple but hard: putting a physical branch in a small town, staffing it with its own people, and using its own technology to underwrite customers who often have no GST returns, no income-tax filings and no banking history. That recurring approach - own the branch, own the customer relationship, own the technology - explains everything else the company does.
Business segments
A single lending engine, deliberately pivoting from unsecured micro-loans to secured loans against property, with a new solar-finance line just beginning to turn - all served by the same branch network, the same proprietary technology and the same direct-to-customer model.
1. Secured business loans: the engine the company is betting its future on
Loans backed by residential property, with larger ticket sizes and longer tenures, now dominate the book - and the company is steering almost everything toward them.
- The collateral changes the risk - by lending against a borrower’s home, the company moves from an unsecured promise to a secured claim, which is why it has pushed the secured share of its loan book from 5% in March 2023 to 68% by March 2026, with a target of nearly 80% by March 2027.
- Bigger loans, better borrowers - the average secured loan is ₹6.1 lakh and rising toward ₹8-9 lakh on new originations, and the company is deliberately selecting customers with credit bureau scores above 650, so the portfolio is shifting up the quality curve even as it grows.
- Longer repayment, steadier income - with tenures stretching to 84 months, these loans generate interest income over seven years, giving the company a long-duration asset base that matches the way its branch relationships compound over time.
- The branch network is built for this - secured focused branches reach ₹7.4 crore in assets per branch by their 24-month mark, and the company’s cluster-based expansion means it densifies within a geography rather than scattering branches thinly.
2. Unsecured business loans: the legacy product that is being deliberately shrunk
Smaller, shorter loans without collateral - the product the company started with, now managed for cash flow while the secured book takes over.
- The original bridge from microfinance - these loans of ₹1-3 lakh served customers graduating from group microfinance loans, with an average ticket size of ₹2.3 lakh and a tenure of up to 36 months, filling a gap that neither microfinance institutions nor banks would touch.
- Priced for the risk - the lending rate was 27% plus fees as of mid-2021, reflecting the higher credit cost of uncollateralized lending to borrowers with thin formal credit histories.
- Being run down, not shut down - the company is not exiting unsecured lending entirely, but it is shrinking the share: unsecured loans fell from 95% of the book in March 2023 to 32% by March 2026, and the company’s selective underwriting rejects roughly 85% of all leads anyway.
3. Renewable-energy loans: the new line that could become a third leg
Financing rooftop solar for micro-enterprises - a product launched in April 2026 that taps the same customer base with a different use of funds.
- Born from existing relationships - the company already knows thousands of small-business owners through its branch network, and a solar loan is simply a new purpose for a secured or semi-secured advance to a known borrower, built with equipment-maker partnerships.
- Small start, big ambition - disbursements were about ₹50 lakh in the first month and the number could reach about ₹5 crore in May, and the company is targeting a ₹100-crore-plus solar book within the first year, aiming for around 10% of total assets by March 2027.
- De-risked by development partners - the Shell Foundation provides a 10% second-loss guarantee after an initial 3% loss coverage specifically for loans financing green assets, so the company’s downside on this new book is partly cushioned from day one.
The phygital operating backbone
A proprietary technology stack, owned outright and built in-house, runs on top of a 156-branch physical network - the combination is what lets the company lend to customers who have no digital footprint.
- Moneyboxx ONE is the brain - an in-house loan-origination system rolled out in May 2026 that automates KYC, pulls credit-bureau and account-aggregator data, geo-tags every customer interaction and flags tampering, so the entire loan journey from application to approval runs on a single guided workflow the company controls completely.
- Cattle AI underwrites livestock loans - a proprietary system that identifies individual cattle, checks for duplicate animals across applications, and scores leads using artificial intelligence, cutting manual screening time by 30-40% and reducing fraud in a segment where the collateral moos.
- The Sikka app puts a branch in the customer’s pocket - a field app that lets a loan officer take a paperless application in 30 seconds, while the customer side tracks the loan, manages EMIs, and even invests spare change in digital gold, cutting processing time by 70%.
- No middlemen, ever - every loan is sourced by the company’s own sales team, with no third-party agents or direct-selling associates, so the company owns the customer relationship from the first conversation and builds a credit history that no bureau could provide.
- Collections are in-house and multi-layered - a 300-plus field force, tele-calling agencies, an in-house legal team and empanelled lawyers pursue recovery from pre-EMI reminders all the way to SARFAESI proceedings, and a stressed-loan sale to an asset-reconstruction company in September 2025 slashed the 90-day-past-due ratio from 7.89% to 3.36%.
Beyond-lending moat
Free veterinary care, fruit trees and biogas pilots are not charity - they are customer-retention tools that reduce credit risk in a business where the borrower’s livelihood is the real collateral.
- Vets in every branch - the company employs full-time veterinarians who have delivered over 675,000 free cattle diagnoses and 118,000 free consultations, because a healthy cow means a dairy farmer who can repay her loan.
- Trees as an income buffer - over 16,000 fruit-bearing trees have been planted at no cost to farming borrowers, with upkeep paid by CSR partners, giving a farmer roughly 50 trees per acre - a secondary income stream that kicks in over time and deepens the relationship.
- Global partners subsidise the risk - the Rabo Foundation provides a 3.3% first-loss default guarantee, and partnerships with the Gates Foundation, Water.org and SIDBI bring both funding and credibility, while a three-year impact study nominated by the Michael & Susan Dell Foundation puts an external stamp on the model.
Group structure and partners
A publicly listed NBFC with a single operating subsidiary, a streamlined ownership structure in progress, and a funding roster that reads like a who’s-who of Indian banking.
- Simple corporate structure - the company has one wholly-owned subsidiary, Moneyboxx Foundation, and its former holding company, Moneyboxx Capital Private Limited, is the subject of a preliminary amalgamation proposal that the board has deliberated and will decide on later.
- Co-founders run the show - Deepak Aggarwal and Mayur Modi are Whole-time Directors and Co-CEOs, and the board includes a former RBI official with 35 years at the central bank, an ex-IAS officer who ran the microfinance industry body MFIN, and a retired SBI chief general manager who headed agriculture and MSME financial inclusion.
- 32 lenders, from SBI to Sundaram Finance - the funding base spans 11 leading banks, development finance institutions, and debt-market players, with total debt sanctions of ₹1,427 crore as of March 2026, plus impact-focused lenders like Oiko Credit and Credit Saison India.