Sunday, June 23, 2024
Outlook India
Outlook Business

Aye Finance Announce Raising Rs 21 Crores In FY24

Aye Finance has offered working capital and fixed capital loans of Rs 8000 crores to over seven lacs micro enterprises so far

Aye Finance Announce Raising Rs 21 Crores In FY24

Start-Up Team

POSTED ON October 13, 2023 2:56 PM

Aye Finance which lends to the underserved segment of micro enterprises has announced that it has raised Rs 2100 Crores in debt from leading global and Indian Banks and Financial Institutions since April 2023. After having raised Rs 2000 Crores in the last financial year, the MSME lender has kept an aggressive target of Rs 3400 crores for FY24 and is well on its way to achieving it.  

Right since its inception in 2014, the company has been facilitating loans to companies in MSME sectors. An adequate flow of debt lines is critical in ensuring that Aye lives up to its vision of enabling financial inclusion of the historically ignored segment of micro-enterprises, and the company has continued to receive tremendous support from Indian as well as global players. 

To date, the fintech lender has offered working capital and fixed capital loans of Rs 8000 crores to over seven lacs micro-enterprises in India using its unique underwriting method which bases risk selection on the data collected from clusters and corroborates it with various machine Learning Algorithms, as informed by it.

Commenting on the decision, Krishan Gopal, CFO of Aye Finance, said, “Aye is recognised as a leader in bridging the credit gap for the first-to-credit segment of micro-enterprises that need small ticket size loans with no collateral to offer and limited tech experience. Our credibility in repayments and the milestones Aye has achieved has given our debt providers considerable comfort and confidence and a majority of them have extended us multiple lines to ensure there is an uninterrupted flow of funds to the sector.”  

The fintech has a suite of investors who have offered the lender debt and equity funds. CapitalG, Elevevation Capital, Lightrock, Alpha Wave, A91 Partners, and MAJ Invest are its equity investors, and HDFC Bank, SBI, Nabkissan, DCB Bank, FMO, Blue Orchard, Triodos, and many other leading Banks, NBFCs and impact investors have given the fintech lender debt lines for on-lending. 

  • Related Articles

    The digital forward SME financing solutions from CredAble offer a range of financial options and services designed to help companies manage their cash flow while maximizing operations.

    CredAble Partners With Mahindra First Choice Wheels To Streamline Invoicing Process

    The program aims at empowering travel agents to optimise their operations, offer competitive prices and achieve better profit margins

    SanKash Introduces 'No Cost Working Capital' For Travel Agents

    The extension demonstrates shared objective of creating impactful digital transformation and investing in digital talent in Singapore

    Infosys and Temasek Extend Digital Services Joint Venture for Five Years