Wed. Oct 5th, 2022

An undisclosed investor has infused ₹80 crore as debt funding in fintech startup Aye Finance.

The startup plans to use the funds to further grow its lending portfolio.

Aye Finance was founded by Sanjay Sharma and Vikram Jetley in 2014. The company provides financial services to micro and small businesses in Northern India.

The platform, generally, lends ₹1- 2 lakh to businesses with a turnover of ₹10- 30 lakh a year.

In July and August, Aye Finance raised $17.7 million debt funding from responsAbility Investments AG, a Swiss impact investor and DCB Bank.

The platform claims to use data science coupled with cluster-based underwriting model to keep its operating costs low, drive better underwriting and help with obstacles related to inadequate documentation for its customers.

The company uses various data science tools; psychometric profile tools, behaviour based statistical credit scores and constantly improving cluster insights to decide to lend to small-scale enterprises.

It also claims to have disbursed over ₹2,200 crore to over 150,000 under-served and under-banked grass-root businesses. Its current Asset Under Management is ₹1200 crore with 91000 active customer base.

Some of the significant startups in the same space include Indifi TechnologiesKisshtVistaarIntechi-LendLendbox, and many more.

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