MSME Lending Platform Aye Finance Raises Rs 30 Crore From BlueOrchard Finance

MSME Lending Platform Aye Finance Raises Rs 30 Crore From BlueOrchard Finance

MSME Lending Platform, Aye Finance, BlueOrchard Finance, Startups Funding, Indian Startups, NCR Startups

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The Gurgaon-based digital MSME lending platform, Aye Finance, has received Rs 30 Cr as a part of debt funds from Switzerland-based BlueOrchard Finance Ltd.

The raised capital would help the startup to further diversify its lending portfolio, reaching out to the long trail of MSMEs in India.

MSME Lending Platform Aye Finance Raises Rs 30 Crore From BlueOrchard Finance
MSME Lending Platform Aye Finance Raises Rs 30 Crore From BlueOrchard Finance

Aye Finance was founded in 2014, has a proprietary data driven underwriting technique “Cluster Based Credit Assessment” which ensures robust credit selection in the absence of good financials or banking records and without prior credit bureau history.

Currently Aye serves in 10 states with 72 branches in India.

On this development, Sanjay Sharma, Managing Director and Founder Aye Finance, said “It is humbling to see the amount of trust BlueOrchard has shown in Aye Finance. While we are thankful for their timely support and encouragement through the investment of funds, it also inspires us to continue the work we are doing in creating a difference in the Indian economy by supporting the MSME sector. We are going to utilize the latest infusion of funds to increase our reach to bring the “missing middle” into the folds of organised lending.”

BlueOrchard is a leading global impact investment manager. The firm is dedicated to fostering inclusive and climate-smart growth, while providing attractive returns for investors.

BlueOrchard was founded in 2001, by initiative of the UN, as the world’s first commercial manager of microfinance debt investments.

Recent capital funding to Aye Finance:

  1. In Feb, 2018, Aye Finance, has raised US $3.8Mn (INR 25Cr) from 3 investors including Hinduja Leyland Finance and Intellegrow. The deal was facilitated by Vivriti Capital. The investment took place through a securitization deal.
  2. In May 2017, Aye Finance had been sanctioned credit facilities for Rs 20 crore from State Bank of India, for on-lending.
  3. In the end of May 2017, Aye Finance had raised $8 million from Blue Orchard, a leading global impact investment manager.
  4. In July 2017, Aye Finance had raised funds by selling a part of its loan portfolio to Hinduja Leyland Finance.
  5. In September 2017, Chennai-based IFMR Capital had successfully executed the issuance of Non-Convertible Debentures (NCDs) aggregating to Rs. 44 crore for Aye Finance.
  6. November 2016, AYE Finance (AYE) had closed its Series B round of funding of Rs 70 crore from LGT IV and its existing investors SAIF Partners and Accion.

Please refer our Funding section for more stories on startups funding.

 

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