Get All Access for $5/mo

Aye Finance Raises Debt Funding Of INR 65 Crore The fund raised will be used to further enhance its credit portfolio bringing a larger population of the underserved population of micro enterprises into the folds of organized lending

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

Aye Finance, a pan-India leader in MSME lending, has raised INR 65 crore debt from Symbiotics Investments, a Geneva-based market access platform for impact investing, dedicated to private markets in emerging and frontier economies. The fund raised will be used to further enhance its credit portfolio bringing a larger population of the underserved population of micro enterprises into the folds of organized lending.

"Aye has been making affordable loans a reality for the historically credit starved micro enterprises of India since 2014. We have addressed the credit requirements of this sector by customising our entire business model to the unique needs of this first-to-credit segment having small ticket loan requirements with no collateral to offer and limited tech experience. Symbiotics has been supporting us in our mission of fostering inclusive growth since 2017 and this enhanced partnership will help us reach out to a larger population of the traditionally excluded sector," Sanjay Sharma, MD and founder, Aye Finance.

Aye has been a pioneer in developing AI and ML models to further eases the access of credit to this sector and has deployed advanced AI/ML solutions in most of its critical business processes. Through the use of innovative data models and technology supported by an engaged team that focuses untiringly on customer delight, Aye is working to live up to its vision of being the most admired financial institution in India, as per company statement.

"This social bond is a confirmation of Symbiotics Investments strategy to make sustainability, social and green bonds accessible to financial institutions active in emerging and frontier markets. In addition, the bond's proceeds will increase the access of funds to the missing middle MSME segment via the strong distribution network of Aye Finance. We are excited to be part of the growth of this segment of the MSME market and to continue supporting businesses in the post-pandemic recovery phase," said Prashant Bhardwaj, regional manager South Asia at Symbiotics Investments.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Leadership

Visionaries or Vague Promises? Why Companies Fail Without Leaders Who See Beyond the Bottom Line

Visionary leaders turn bold ideas into lasting impact by building resilience, clarity and future-ready teams.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Science & Technology

5 Rule-Bending AI Hacks to Make Your Mornings More Productive and Profitable

By 2025, AI will transform productivity by streamlining workflows and cutting costs. Major companies like Microsoft, Google, and OpenAI are leading the way, advancing AI into "Phase 3," where tools act as digital assistants. Discover 5 AI hacks to boost efficiency and redefine your daily routine.

Science & Technology

5 Automation Strategies Every Small Business Should Follow

It's time we make IT automation work for us: streamline processes, boost efficiency and drive growth with the right tools and strategy.

News and Trends

Aadhaar-Driven Financial Inclusion: Catalyzing Regional Economic Growth in Rural India

The emergence of digital tools such as the Aadhaar-enabled Payment System (AePS), which uses the biometric-based Aadhaar identity system for cash transfers and regular banking tasks, has become a tool to bridge the gap and improve financial inclusion