Aye Finance raises ₹50 crores from Blue Orchard

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Kunwar Prithvi Singh Chauhan
Part time journalist, full-time observer. Editor-in-Chief at The Indian Wire. I cover updates related to business and startups.

Aye Finance, Gurugram based non-banking finance company has raised ₹50 crores from Blue Orchard, one of the leading global impact investment managers. With the raised funds, Aye Finance plans to strengthen its technology along with distributing more loans to new and existing customers.

Aye Finance currently operates 39 branches and caters to the needs of MSME sector for their financial constrains. Earlier this month, it had announced raising ₹20 crores from State Bank of India in a debt round.

Speaking on the development, Sanjay Sharma, Managing Director Aye Finance stated that the company plans to leverage technology in order to ensure a better customer experience. Use of technology helps them in detecting fraud possibilities and increasing productivity of the field force. About the new raise, he added that this will allow the company to include more MSMEs in their customer base and to bring them in the mainstream economy.

Founded by Vikram Jetley and Sanjay Sharma, both of whom have been former bankers, Aye Finance has over 18,000 customers and has disbursed loans worth over ₹200 crores. It plans to increase the amount of disbursed loans to over ₹500 crores by the end of ongoing financial year. Before the debt fund raise from SBI, it had raised ₹65 crores led by SAIF Partners, LGT Impact Ventures and Accion.

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