CapitalG backed-Aye Finance raises ₹70 crore in debt funding from BlueOrchard

Must Read

Howdy, Modi! : World media reactions on Modi-Trump’ grand Houston Event address

New Delhi, Sep 23: United States President Donald Trump and Indian Prime Minister Narendra Modi on late Sunday shared...

Howdy Modi : Modi-Trump mark history in US-India relationship with great show at Houston

Houston, Sep 22:  Modi, delivering his speech at the historic event, talks about the development underwent over five years...

ECI announces dates of Maharashtra & Haryana elections; Single Phase Election on October 21; Result on 24th

Election Commission of India has announced the dates of much-awaited state elections. According to the Chief Election Commissioner, Sunil...

Gurugram-based SME lending startup Aye Finance has raised ₹70 crore in debt funding from global impact investment manager BlueOrchard.

The funds raised will be used for expansion to new geographies, along with disbursing more actively to its existing borrower base.

Aye Finance was founded by an IIM Bangalore alumnus Sanjay Sharma, along with Vikram Jetley in 2014. The fintech startup provides a platform for small businesses to secure loans at affordable rates, that are locked out of financial institutions. It harnesses technology to create a seamless system to access the creditworthiness of the borrower by using data analytics.

Talking about the investment, Sanjay Sharma, Founder and Managing Director of Aye Finance, said, “We have innovatively adopted the industry clusters methodology and behavioural psychometrics, which help us gauge both the payment ability and intent of micro-entrepreneurs, thus helping us keep NPAs under control.”

It has disbursed over 800 crores in loans to more than 65,000 customers with an outreach in over 100 cities covering 11 states in the country.

Earlier this year in July, Aye Finance raised ₹68.7 crore in debt funding from Triple Jump BV and MicroVest Funds, by issuing non-convertible debentures.

Earlier in June, the SME lender raised $21.5 million in a series C funding round led by CapitalG.

Till date, Aye Finance has raised more than $78 million, across multiple rounds, according to Crunchbase. It also counts Northern Arc, Triodos Investment Management, SAIF Partners, State Bank Of India, and LGT Impact Ventures.

Other SME lending firms competing with Aye Finance in the Indian market include Capital Float, Lendingkart, Innoviti, OfBusiness, and NeoGrowth, among many others.

Check out the list of top 10 fintech startups focused on SME lending in India.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Election should not stayed in Karnataka, EC on Karnataka disqualification row

New Delhi, Sep 23 (IANS) The Election Commission told the Supreme Court on Monday that elections should not be...

Man credits Apple Watch for saving his father’s life

San Francisco, Sep 23 (IANS) A man from city of Spokane in Washington State has credited Apple Watch for saving his...

Polling underway in Tripura by-poll

Agartala, Sep 23 (IANS) Voting was underway peacefully on Monday for the by-poll in BJP-ruled Tripura's Badharghat Assembly constituency and the voting will continue...

More than 2 million get skill certificates

New Delhi, Sep 23 (IANS) In a boost to the skill development programme of the government, more than 2 million candidates across the country...

Devoleena, Siddharth to be part of ‘Bigg Boss 13’

Mumbai, Sep 23 (IANS) The launch of the 13th season of controversial reality TV show "Bigg Boss" is just around the corner, and a...
- Advertisement -

More Articles Like This