Micro, small and medium enterprises (MSMEs)-focused lending platform Aye Finance has raised $10 million in debt funding from global impact investment managers Triple Jump BV and MicroVest Funds.
So far Aye Finance has raised over Rs 200 crore from venture capital firms, and an additional Rs 570 crore (approx) from debt and equity funds.
With the fresh funding, the Gurugram-based firm aims to grow its lending portfolio and offer affordable business loans to a larger number of micro-enterprises.
This is an overall 5th round of fundraising for Aye in this year. Last month, the fintech firm had closed its $22 million Series C round led by CapitalG, the venture capital fund owned by Alphabet Inc. Existing investors SAIF Partners and LGT also participated in the new round.
Founded in 2014 by Sanjay Sharma and Vikram Jetley, Aye Finance provides customer-centered financial services to micro and small businesses. With an average loan size of Rs 1 lakh, it primarily focuses on micro and small enterprises with Rs 10 lakh to Rs 1 crore in turnover every year.
The company operates through more than 72 branches across 10 states in North and South India and claims to have disbursed Rs 850 crore to more than 60,000 customers since its inception.
Besides, Aye Finance has around Rs 350 crore in assets under management (AUM).
In April, Aye Finance raised Rs 30 crore in debt funding from existing investor BlueOrchard Finance. Prior to that, the firm had raised Rs 25 crore from Hinduja Leyland Finance and Intellegrow in February and raised Rs 40 crore from IFMR Capital in January 2018.
Some notable digital lending platforms in this space are Lendingkart, InCred, Capital Float, Indifi Technologies, and many others.
The development was reported by Mint.