NEW DELHI: Fintech firm Aye Finance on Thursday stated it has raised $10 million (about ₹71 crore) in funding from Zurich-based responsAbility Investments AG.
The corporate has been supporting Aye in its mission to create an inclusive India since 2017 and that is the fifth funding through debt for the fintech lender.
“Aye can be utilising these extra funds to supply enterprise loans to the excluded micro-enterprise sector to help their development and allow their inclusion into the formal financial system,” a press release stated.
Aye Finance has raised greater than ₹550 crore in debt within the final three months, of which ₹86 crore was from BlueOrchard and ₹65 crore was from Symbiotics.
“We’re at present witnessing a surge in credit score purposes from the microenterprise sector as companies are being rebuilt submit the disruptions attributable to the pandemic. The help we’re receiving from world affect leaders like responsAbility permits us to proceed in our mission of remodeling microenterprise lending in India by offering entrepreneurs custom-made enterprise loans at inexpensive costs,” stated Sanjay Sharma, MD and Founding father of Aye Finance.
“For over 5 years now, Aye Finance has been a trusted companion in our endeavour to bridge the credit score hole within the micro enterprise sector through personal capital funding. We’re as soon as once more delighted to collaborate with Aye to help the expansion of small, resilient companies submit a troublesome couple of years,” stated Rudrashis Roy, Funding Officer at responsAbility Investments AG.
Based in 2014, Aye supplies unsecured small-ticket enterprise loans to a big credit-starved micro-enterprise phase. The lender is backed by CapitalG, Elevation Capital, Mild Rock, Alpha Wave, A91 Companions, and MAJ Make investments.
Obtain The Mint Information App to get Every day Market Updates & Dwell Enterprise Information.
Extra
Much less
Supply: Live Mint