Aye Finance, a Gurgaon based financial technology startup backed by the Capital G, revealed that it has now secured INR 180 crore in the debt funding round from the leading lenders from India and abroad. The startup further stated that the fundraising was done over the period of the last 15 days.
Despite the 21-days lockdown, India is as of now under and the global economic standstill at the moment owing to the COVID -19 pandemic; the startup managed to secure funds.
Commenting on the fundraise, Sanjay Sharma, Managing Director of Aye Finance, said,
“Our credibility in repayments and the milestones Aye has achieved has given our debt providers considerable comfort and confidence. Our ability to raise money even in these testing times is testament to that. This fresh round of funds we have raised will be used to address the credit requirements of the micro-enterprises to support them during this financial crisis.”
Since its inception in the year 2014, Aye Finance claims to have offered $410 million worth of credit loans to over 196000 grassroots businesses that would otherwise be left out of the formal financial system. The startup also reports having an active customer base of around 130000 and assets under management of INR 1500 crores.