Aye Finance, the FinTech platform based in Gurugram raised a funding round of Rs 30 crores as debt financing from BlueOrchard Finance Ltd, an impact investor based it Switzerland. The funds raised will serve the purpose of diversifying the lending portfolio of Aye Finance which will allow it to reach out to the large pool of micro, small and medium-sized enterprise (MSME) in India.
Aye presently provides its service to over 10 states and boasts 72 branches in India so far. In the FY 17-18, it provided over 40,000 loans which were largely thanks to the customization of their products to meet the micro entrepreneur’s needs and provide them products at their own conditions.
We are going to utilise the latest infusion of funds to increase our reach to bring the “missing middle” into the folds of organised lending,
said Aye Finance founder and managing director, Sanjay Sharma.
BlueOrchard is a leading global impact investment manager that specializes in fostering inclusive finance and achieve sustainable growth while giving profitable returns to its investors. Since its inception in 2001, the firm has poured over $4.7 billion across 70 emerging and frontier markers, thus contributing to improve the overall social economy of those countries.
The association between Aye Finance and BlueOrchard is quite strong since they first began dealing together in May 2017, when the MSME lender first raised a Rs 27 crores from the Swiss fund. Less than a year later, BlueOrchard has poured over Rs 100 crore in Aye Finance.