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