Since its inception in 2014 the fintech lender has disbursed over Rs 1000 Crores to over 80,000 micro enterprises in India.
Aye Finance, India’s leader in MSME lending, has raised Rs 72 Cr debt from Swiss-based impact investor, BlueOrchard Finance Ltd. The funds will be used by the fintech lender to further enhance its credit portfolio, reach out to India’s burgeoning MSMEs at the grassroots level and bring them under the fold of organized lending.
Micro enterprises are at the bottom of the MSME hierarchy of businesses and Aye Finance’s mission is linked to raising this financially excluded sector by bringing it into the folds of formal economy. Since its inception in 2014 the fintech lender has disbursed over Rs 1000 Crores to over 80,000 micro enterprises in India. Aye has created a technically enabled process that builds credit insights through a variety of available business, supply chain and psychometric data to offer a line of credit to these bottom of the pyramid businesses and power their growth.
Commenting on the fundraise, Sanjay Sharma, MD & Founder of Aye Finance said, “Since our inception in 2014 we have been making affordable loans a reality for the historically credit starved micro enterprises of India. BlueOrchard has been supporting us in our mission of fostering inclusive growth since 2017 and via the MIFA Technical Assistance Facility has now also co-designed and co-financed a Social Impact Study for our customers as well as a Social Performance Study for which we are using the globally accepted SPI4 Tool (Social performance indicators assessment tool). We at Aye are committed to transform the micro scale enterprise lending in India and the confidence BlueOrchard has shown in us strengthens our resolve even further”.
Source: BW Disrupt
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