The MSME lender Aye Finance has raised INR 72 crores in debt funding from BlueOrchard, a Swiss-based impact investor. The fintech firm will use the funding to enhance its credit portfolio and market its solutions to reach medium and small businesses at grassroots levels to bring them under financial security.
Founded in 2014 by Sanjay Sharma and Vikram Jetley, the company has disbursed more than INR 1,000 crores to over 80,000 micro businesses in India. Both the founders created a technology-enabled process to build credit score and insights using several data points like an available business, supply chain and psychometric data.
Commenting on the fundraising, Sanjay Sharma, MD and Founder of Aye Finance said, “BlueOrchard has been supporting us in our mission of fostering inclusive growth since 2017. We at Aye are committed to transforming the microscale enterprise lending in India and the confidence BlueOrchard has shown in us strengthens our resolve even further.”
Aye Finance has 104 branches in more than 100 cities with a team size of over 1,600 employees. The Gurugram-based firm became the first finance company to raise equity from Capital G in June.