Aye Finance, India’s leading lender to the underserved segment of micro-enterprises has announced that it has raised Rs 2100 Crores in debt from leading global and Indian Banks and Financial Institutions since April 2023.
After having raised Rs 2000 Crores in the last financial year, the MSME lender has kept an aggressive target of Rs 3400 Crores for FY24 and is well on its way to achieving it.
Right since its inception in 2014, Aye has been championing the cause of easing MSME sectors’ access to affordable credit and powering their growth. An adequate flow of debt lines is critical in ensuring that Aye lives up to its vision of enabling financial inclusion of the historically ignored segment of micro-enterprises, and the fintech lender has continued to receive tremendous support from Indian as well as global players.
To date, the fintech lender has offered working capital and fixed capital loans of Rs 8000 crores to over seven lacs micro-enterprises in India using its unique underwriting method which bases risk selection on the data collected from Clusters and corroborates it with various Machine Learning Algorithms.
Commenting on Aye’s fundraising, Krishan Gopal, CFO, of Aye Finance, said, “Aye is recognized as a leader in bridging the credit gap for the first-to-credit segment of micro-enterprises that need small ticket size loans with no collateral to offer and limited tech experience. Our credibility in repayments and the milestones Aye has achieved has given our debt providers considerable comfort and confidence and the majority of them have extended us multiple lines to ensure there is an uninterrupted flow of funds to the sector.”
Aye has an impressive suite of investors who have offered the lender debt and equity funds. CapitalG, Elevation Capital, Lightrock, Alpha Wave, A91 Partners, and MAJ Invest are its equity investors, and HDFC Bank, SBI, Nabkissan, DCB Bank, FMO, Blue Orchard, Triodos, and many other leading Banks, NBFCs and impact investors have given the fintech lender debt lines for on-lending.
