Aye Finance, a new-age finance company providing business loans to small and micro enterprises, has raised Rs.107 crore in debt funding from Swiss-based impact investor BlueOrchard. The company was founded by Sanjay Sharma and Vikram Jetley in 2014.
The company plans use these funds to extend affordable and customised credit solutions to the base-of-the-pyramid businesses of India and power their growth into the new age.
In a statement, Sanjay Sharma, MD and Founder of Aye Finance, said, “This is the sixth round of funds we have received from BlueOrchard and I believe this demonstrates their comfort with and commitment to our business. Lending to micro enterprises has been a less travelled path for banks and financial companies and hence it is satisfying to have established an innovative paradigm of our lending approach. Aye team has demonstrated the robustness of our cluster based lending approach having enabled the inclusion of close to 2 lac micro enterprises using this approach.”
Aye Finance has provided Rs 2700 crore worth of credit to over 1,96,000 grassroots businesses, with an active customer base of over 1,30,000 and assets under management of Rs 1,500 crores. This year, the lender expanded its reach to micro-enterprises in 18 states in India, and 173 cities.
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