Aye Finance, which was previously backed by the Capital G, has secured INR 107 crore in debt funding from Swiss-based impact investor BlueOrchard. BlueOrchard has been supporting the startup since the month of May 2017 and has even taken a total exposure of INR 290 crore in the MSME lender.
Aye Finance will now be going to use the latest funding round to extend affordable and customized credit solutions to the base of the pyramid businesses of India and power their growth into the new age.
In the current year, Aye Finance has secured more than INR 1140 crore in the equity and debt from leading names, which includes HDFC, DCB Bank, FMO, BlueOrchid, CapitalG, Falcon Edge and ICICI.
Commenting on the fundraise, Sanjay Sharma, MD, and Founder of Aye Finance, said,
“This is the sixth round of funds we have received from BlueOrchard, and I believe this demonstrates their comfort with and commitment to our business. Lending to micro enterprises has been a less travelled path for banks and financial companies and hence it is satisfying to have established an innovative paradigm of our lending approach. Aye team has demonstrated the robustness of our cluster based lending approach having enabled the inclusion of close to 2 lac micro enterprises using this approach.”
