Gurgaon based money lending startup Aye Finance has raised series C funding of Rs 147 crores ($21.5 million).from CapitalG, the investment arm of Google’s parent company Alphabet Inc. Aye’s existing investors including SAIF Partners and LGT also participated in the round. This is apparently CapitalG’s first bet in fintech segment.

Aye said that it will be using these funds to fuel business growth and maintain the lead in its financial technology. Started in 2014 by Sanjay Sharma and Vikram Jetley, Aye is a Non-Banking Financial Company (NBFC), which offers working/fixed capital loans, term loans, and other micro business loans focused on SMEs.

The company said that its operations are spread across 72 branches in 10 states, and that it has deployed about 60,000 loans so far. Till February this year, the company disbursed around Rs 500 crore to 40,000 SMEs.

Previous Funding

In February 2018: Aye Finance had raised Rs 25 Cr through a securitization deal from three investors including Hinduja Leyland Finance and Intellegrow.

September 2017: It raised debt funding of Rs 44 crore ($6.9 million) from Triodos Investment Management.

December 2016: It raised series B funding of $10.2 million (Rs 70 Crore) from LGT Impact Ventures. Existing investors SAIF Partners, and Accion also participated in the round.

December 2015: The company raised Series A funding of $3 million from SAIF Partners and Accion.

February 2015: Aye got its seed funding of $1 million from SAIF Partners and Accion.