Gurugram-based NBFC Startup, AYE Finance has raised $8 Million from BlueOrchard, a leading global impact investment manager. The funds were raised through non-convertible debentures with a maturity period of five years.
Founded in 2014 by Sanjay Sharma and Vikram Jetley, AYE connects with underserved micro and small enterprises and offers customized financial products/service through a network of 39 branches in India.
Sanjay Sharma, Managing Director, Aye Finance said, “Aye Finance distinguishes itself by utilizing technology in mitigating the challenges faced by MSMEs in securing loans. By deploying a cloud-computing architecture and data science methods to derive insights about each of our industry clusters, we are able to bring down the cost of delivery and offer credit solutions at affordable rates to the micro and small enterprises.”
These additional funds from Blue Orchard will be utilized to further strengthen our funding position and allow us to facilitate the inclusion of a larger number of micro and small businesses in the realm of mainstream economy”, he added.
Earlier this year, Aye Finance had received 3.1 million as debt funds from State Bank of India. With its consistent and well-organized efforts, Aye Finance aspires to be amongst the country’s top NBFC catering to MSME Sector. The firm claims to lent funds worth Rs 150 crores to 18,000 MSME customers till date.
AYE Finance is backed by LGT Impact Ventures, SAIF Partners and Accion as its equity investors. In the last equity round funding, the startup has raised $10 million led by LGT Impact Ventures in November 2016.