HomeAye Finance raises...

Aye Finance raises ₹180 crores in Debt amidst the RBI Moratorium


Gurugram-based fintech startup Aye Finance has raised ₹180 crores in debt from several lenders in India and abroad at a time when the company’s operations are impacted following the RBI directive of a three-month moratorium on term loans.

The debt funding will help the startup to remain in the market as the NBFC is unable to recover payments amidst the moratorium period. The startup will use the funds to support the MSME sector and provide business loans to the underserved business sector during this time of crisis.

Sanjay Sharma, managing director of Aye Finance said, “Our credibility in repayments and the milestones Aye has achieved has given our debt providers considerable comfort and confidence. Our ability to raise money even in these testing times is a testament to that.”

India Ratings and Research have upgraded Aye Finance’s Long Term issuer rating to A- (Stable Outlook) from BBB+ on March 24 this year.

Founded by Vikram Jetley and Sanjay Sharma in 2014, Aye Finance provides B2B loans to unbanked micro-enterprises in India. The company is offering its financial products in 14 states and plans to expand into Bihar, Jharkhand, Maharashtra, and Gujarat in the coming years.

Aye Finance has more than 173 branches and 2,900 employees. It has disbursed more than 2 lakh loans amounting to ₹2,700 crores to more than 1,96,000 small scale businesses. With the fresh infusion of funds, the startup plans to address the credit requirements of the micro-enterprises during the ongoing financial crisis.

The startup is backed by investors including CapitalG, SAIF Partners, A91 Partners, MAJ Invest, LGT and Falcon Edge. These investors have provided equity funds to the startup. Aye Finance has debt lines from FMO, BlueOrchard, SBI, ICICI Bank, HDFC, responsibility and many other institutions.

The funding round is significant for Aye Finance because the whole NBFC industry is suffering due to the coronavirus pandemic. Two other NBFCs, IndiaLends and Creditmate has earlier resorted to salary deductions to stay afloat in the market. IndiaLends has offered leave without pay to some of its employees and deducted steep pay cuts ranging from 20% to 50% based on monthly salary.

Continue reading

How to Read NFL Odds

A game in the NFL has two possible outcomes. The first result has been posted on the scoreboard: which team has triumphed and which side has suffered a loss? The second tally is done by bettors: whether the team...

How to Bet on the NFL

Football is one of the most popular sports in North America, and its popularity, particularly in the NFL, is at an all-time high. People all over the world analyze data, matchups, NFL stats, and patterns to obtain an advantage...

First Person Live Gaming – The Evolution of Real-Time Gambling in India

Indian players have been enjoying the benefits of playing live dealer games for many years now. Every player that has experienced this revolutionary innovation in online gambling would testify that it is beautiful. Nothing beats getting to enjoy a...

Submit details about your funding and get published for FREE

Get an online story about your startup and reach millions of readers