Company Name : AyeFinance
Funding Amount : Rs 20 crore
Investor(s) SAIF Partners Accion. .
Funding Round : Not Disclosed
Nonbanking finance company, Aye Finance has raised Rs 20 crore from its existing investors; SAIF Partners and Accion. They had earlier invested Rs 6 crore in the Delhi based company.
Founded by Sanjay Sharma and Vikram Jetley, Aye Finance targets micro enterprises including 30,000 small businesses and industries like brass casting makers in Aligarh, shoemakers in Agra and sports goods makers in Ludhiana.
The company claims that it has disbursed loans of Rs 25 crore to 2,000 borrowers and plans to expand this to Rs 200 crore within a year.
Aye Finance plans to strengthen its existing operating base by refining its underwriting processes and risk analysis, improving data analytics, assisting with product development, and encouraging broader industry engagement. In its second year of operations, Aye Finance has expanded to 16 cities across northern India and plans to continue expanding in the coming year.
Sanjay Sharma, Managing Director, Aye Finance, said, “Aye Finance’s new-age mobile and cloud computing model cuts operational costs and ultimately allows more of the tens of millions of micro enterprises throughout India to find the financing that they need.. Our loyal and growing customer base underscores the need for this service, and the continued growth of India’s industrial segment will ensure the long-term demand for responsible, affordable financing.”