- Aye Finance, the loan startup for micro, small and medium enterprises, raised 210 crore from CapitalG –
Alphabet Growth Fund.
- Founded in 2014, the startup has disbursed loans worth 3,000 crore to more than 200,000 companies in six years.
Aye Financeis added to the list of startups that have raised funds despite the coronavirus pandemic that has prompted many investors to hold on.
Aye Finance, the micro, small and medium-sized lending start-up, raised 210 crore from CapitalG – Alphabet’s growth fund. The Series E tour also saw participation from GT Lightstone, Falcon Edge Capital, A91 Partners and MAJ Invest.
CapitalG first invested in the startup’s Series C cycle.
Meanwhile, Aye Finance is added to the list of startups that have raised funds despite the coronavirus pandemic that has prompted many investors to hold on.
“Difficult times are a real test for a good lender and we have already started to show significant improvements in customer repayments over the past few months. Our loans are secured with cluster information and this continues to ensure good repayment behavior in our portfolio. Our close bond with customers, our committed team who see us as an ideal place to work, our extensive field presence, supported by automation, is a huge differentiator that allows us to optimally limit credit losses ” said Sanjay Sharma, Managing Director, Aye Finance.
Meanwhile, Aye Finance, founded in 2014, has disbursed loans worth 3,000 crore to more than 200,000 companies in six years. The company also recently ranked 14th among the best places to work in India, according to the Great Place to Work Institute.
In November of last year, the startup raised 125 crore from the Dutch entrepreneurial development bank – FMO.
The latest funding comes at a time when the Indian government is focusing on the MSME sector. Based on recent measures taken by the Minister of Finance to
“It will be full credit guarantee coverage for lenders (banks and non-bank finance companies) on principal and interest. This is an emergency line of credit for small businesses, ”she said in her May 13 speech.