New Delhi [India], Nov. 7 (ANI): The innovative lender to micro and small sector, AyeFinance has successfully raised Rs. 32 crores in debt fund from the Geneva based development finance institution, Symbiotics Group.
The funds will be utilized by the Non-Banking Financial Company (NBFC) to empower India's burgeoning MSME segment by solving their biggest obstacle of affordable finance.
Earlier in June, Aye Finance had announced its plans of raising Rs. 300 crores in debt fund by the end of the financial year 2017-18.
The latest infusion of funds takes the total amount of debt raised by Aye Finance to approximately Rs. 200 crores in the current financial year, further propelling the NBFC on its projected growth curve.
"We thank Symbiotics Group for showing confidence in our mission of enabling the inclusion of micro and small businesses into the mainstream of our economy. The fundraising is in accordance with the expansion drive that is counterbalanced by a high credit quality of the portfolio. This will assist us significantly in lending to a larger number of businesses in the tier II and beyond cities," said MD and founder of Aye Finance, Sanjay Sharma.
Equity-funded by three reputed funders, global non-profit and financial inclusion pioneer Accion, SAIF Partners, and LGT Impact; Aye Finance has over a dozen debt providers, including India's largest PSU Bank, SBI.
By leveraging cloud and mobile technology along with processes focused on data analytics, Aye has been able to bring down the cost of delivery to such a low point that even small loans to businesses at the bottom of the pyramid have become affordable.
Aye's leadership is rallied around the vision to become an admired financial institution with a dominating position in micro and small enterprise lending. Through the use of innovative data models and technology supported by an engaged team that focuses untiringly on customer delight, Aye is trying to live up to its vision. (ANI)