Bengaluru: Aye Finance, a finance startup, raises Rs. 70 crore in its Series B funding. LGT Impact Venture led the funding round, along with participation from existing investors SAIF Partners and Accion. The latest funds will accelerate AYE’s operations in providing loans to micro and small, enterprises across India. Till now Aye Finance has raised $14.27 million by their existing investors in previous funding rounds. Accion has provided capital and advisory services support to AYE since its early stage investment through Accion Venture Lab.
Speaking on the occasion, Sanjay Sharma, Co-Founder, AYE Finance, says, “We are happy to be partnering with LGT IV for the next stage of our growth. Our existing investors, SAIF and Accion too have demonstrated continued faith in us and have contributed in the current round. LGT IV, SAIF and Accion have a proven track record of investing in quality growth companies. I look forward to our association as we take AYE Finance to its next stage of evolution to achieve our common vision of providing comprehensive financial services to small and micro enterprises to power the inclusive growth of the country”.
Founded in 2014 by Sanjay and Vikram Jetley, AYE is a Delhi based non-banking company which lends to micro businesses in manufacturing, trading and service sectors which cannot access capital from mainstream financial institutions in India, as they lack sufficient documentation and credit history. AYE uses its Industry Cluster Enablement (ICE) approach to build strong connections within specific manufacturing, trading and service industries, enabling it to efficiently target, acquire, and underwrite small-scale businesses within each cluster.