Aye Finance Raises INR 180 crore from Multiple Lenders

Aye Finance, the Capital G backed fintech lender, announced raising INR 180 crore in debt in the last 15 days from leading lenders in India and abroad. Aye has managed to raise these funds even when globally economic activities have come to a standstill due to the pandemic outbreak.

India is currently under a 21 Day Lockdown that has disrupted routine commerce and financial activities across all types of businesses in India including MSMEs and micro enterprises. Aye has offered a moratorium to its customers, which are the bottom of the pyramid businesses, as per the RBI notification dated 21st March 2020 to support them during this difficult period.

Right since its inception in 2014, Aye has been championing the cause of easing MSME sectors access to affordable credit and powering their growth. The fintech lender has offered working capital and fixed capital loans to over two lacs micro enterprises in India using its unique underwriting method which basis risk selection on the data collected from Clusters and corroborates it with various Machine Learning Algorithms.

Commenting on Aye’s fundraise, Sanjay Sharma, Managing Director, Aye Finance, said,

Our credibility in repayments and the milestones Aye has achieved has given our debt providers considerable comfort and confidence

“Our credibility in repayments and the milestones Aye has achieved has given our debt providers considerable comfort and confidence.Our ability to raise money even in these testing times is testament to that. This fresh round of funds we have raised will be used to address the credit requirements of the micro enterprises to support them during this financial crisis”.

Aye has an impressive suite of investors who have offered the lender debt and equity funds. Capitalg, SAIF Partners, LGT, Falcon Edge , 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.

Aye has achieved a leadership position in micro enterprise lending having customised its processes and products to suit their unique needs and is their lender of choice because of its exceptional service delivery standards.