Aye Finance, Gurugram based micro lending platform has raised ₹20 crores in debt funding from India’s largest public sector bank, State Bank of India.
Aye Finance is a non-banking finance company and it provides mortgage, term loans and hypothecation services to MSME sector of India. The sector which Aye Finance is addressing, is believed to be the most thriving and underserved sector in India.
Talking on the development, Sanjay Sharma, MD – Aye Finance said that MSME sector promises a lot of growth and job creation in India. However, it is still under-served by the primary financial institutions of the country. The infused funds from SBI will help it reach more SMEs in the coming time.
Aye Finance was founded in 2014 by Sanjay Sharma and Vikram Jetley. Through its network, the financing company reaches to MSMEs and caters to their financial needs. In November last year, it had raised ₹65 crores of equity funding from LGT IV, SAIF Partners and Accion.
(With inputs from ET)