Aye Finance Raises INR 87 Crore From BlueOrchard Aye will utilize the fund to extend affordable and customised credit solutions to the base of the pyramid businesses of India and power their growth into the new age India
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Aye Finance, the Capital G backed fintech lender, has raised INR 87 crore as debt funding from BlueOrchard managed funds. BlueOrchard has been supporting Aye in its mission to enable the financial inclusion of micro enterprises since 2017. Aye will utilize the fund to extend affordable and customised credit solutions to the base of the pyramid businesses of India and power their growth in to the new age India.
"Aye is in the sweet spot of providing small ticket customized credit solutions to over 60 million micro enterprises that have been overlooked by traditional lending channels as our innovative solutions and process automation brings unexpected economies in our business. BlueOrchard has been partnering with us in our mission to create an inclusive India since 2017 and the multiple rounds of funds that we have received from them demonstrates their comfort with and commitment to our business," said Sanjay Sharma, MD and founder, Aye Finance.
Along with providing economical credit to power the growth of their businesses, Aye also provides beyond financing support to this sector through its not-for- profit arm FAME (Foundation for Advancement of Micro Enterprises). Started in 2019, FAME has supported over 40,000 micro entrepreneurs of the dairy, shoes manufacturing, sports goods manufacturing and kirana clusters, claimed by the company in a statement.
"We are pleased to further strengthen our partnership with Aye Finance, an institution that is serving a client segment that has been largely underserved. We look forward to supporting their growth and herby supporting the MSMEs sector in India," said Pranav Murari, senior investment officer, Asia at BlueOrchard.
Founded in 2001, BlueOrchard is a global impact investment manager. As a pioneering impact investor, the firm is dedicated to generating lasting positive impact for communities and the environment.