Aye Finance raises Rs.30 Cr to diversify its lending portfolio
Gurugram-based FinTech platform Aye Finance received Rs. 30 crores as fresh funds from Swiss-based impact investor, BlueOrchard Finance Ltd.
New Delhi: Gurugram-based FinTech platform Aye Finance received Rs. 30 crores as fresh funds from Swiss-based impact investor, BlueOrchard Finance Ltd.
The funds received are part of debt funding and would help the micro, small and medium-sized enterprise (MSME) lender to further diversify its lending portfolio, reaching out to the long trail of MSMEs in India.
Currently, Aye serves in 10 states with 72 branches in India. It has disbursed around 40,000 loans in FY17-18; largely due to customisation of products to suit the micro entrepreneur's needs and offer them products at their terms.
"We are going to utilise the latest infusion of funds to increase our reach to bring the "missing middle" into the folds of organised lending," said Aye Finance founder and managing director, Sanjay Sharma.
For those unversed, BlueOrchard is a global impact investment manager, dedicated to fostering inclusive and climate-smart growth, while providing attractive returns for investors.
The company has invested to date more than USD 4.7 billion across 70 emerging and frontier markets, enabling tangible social impact.
The cooperation between Aye Finance and BlueOrchard began in May 2017, when the MSME lender raised Rs. 27 crores from the global impact investor. Since then, BlueOrchard has invested more than Rs 100 crores in Aye.