Financial Hour

Aye Finance raises 107 crore from Blue Orchard

Aye Finance, a new-age finance company providing business loans to ​​small and micro enterprises across India, has raised Rs 107 crore in debt funding from BlueOrchard. The Switzerland-based investor has already invested Rs 183 crore in the finance company, taking the total amount to Rs 290 crore. Falcon Edge, HDFC, ICICI, FMO and DCB Bank are the other investors in the start-up.

These funds will be utilized to provide customised and affordable credit solutions to the start-up businesses and boost their growth in the new age of India.

Aye Finance has managed to raise Rs 1,140 crore in the year 2019 from its investors in both debt and equity forms. A total fund it received in the last month ranged to Rs 125 crore.

“This is the sixth round of funds we have received from BlueOrchard and I believe this demonstrates their comfort with and commitment to our business. Lending to micro enterprises has been a less travelled path for banks and financial companies and hence it is satisfying to have established an innovative paradigm of our lending approach. Aye team has demonstrated the robustness of our cluster-based lending approach having enabled the inclusion of close to 2 lakh micro enterprises using this approach,” said Sanjay Sharma, MD and Founder of Aye Finance, on the latest fundraise.

Aye Finance works on the micro lending format which has helped in disbursing loans up to 1, 96, 000 businesses and the amount contributed is Rs 2,700 crore. There are 173 cities across 18 states in the country where the micro lending of Aye Finance reaches.

“India is an important market for BlueOrchard, and one that we have been actively investing in for almost 20 years. We have been working with Aye Finance since 2017. This additional funding is testament to our conviction in the company’s mission to bridge the gap between loans offered by MFIs and those available from commercial banks, offering MSMEs across India access to attractive credit solutions,” says Normunds Mizis, Chief Credit Officer at BlueOrchard.

Share

Recent Posts

Doctors Present Human Spin to Commissioner, Call for Resignation

A delegation of junior doctors met with Kolkata Police Commissioner Vineet Goyal on September 3.…

2 days ago

Gujarat Heavy Rainfall Triggers Floods Across South Gujarat: Rescue Operations Underway

Gujarat heavy rainfall, particularly in the southern regions, led to widespread flooding and severe disruptions…

1 week ago

Kolkata Rape Murder Case: POLICE USE WATER CANON TEAR GAS ON PROTESTORS

Kolkata witnessed massive protests in response to the recent rape and murder of a trainee…

2 weeks ago

Sanjay Roy’s Polygraph Test: New Details in Kolkata Rape-Murder Investigation

Sanjay Roy, the primary suspect in the Kolkata rape Muder case, underwent a polygraph test…

2 weeks ago

Dr. Tony Nader’s new book, “Consciousness Is All There Is,” becomes a New York Times bestseller, garnering global acclaim

Dr. Tony Nader, is a distinguished physician, researcher, and global leader in the field of…

2 weeks ago

Kolkata Doctor Rape-Murder Case: Investigations at RG Kar Medical College and the Pursuit of Justice

In a shocking incident, a young doctor from RG Kar Medical College in Kolkata was…

2 weeks ago