Digital money lending startup Aye Finance announced that it has raised $10 million, in debt funding, from global impact investment managers Triple Jump BV and MicroVest Funds, reports Livemint. With the latest round of funding, raised by issuing non-convertible debentures, the Gurugram-based firm aims to grow its lending portfolio and offer affordable business loans to a larger number of micro-enterprises, the report said. Founded in 2014 by Sanjay Sharma and Vikram Jetley, Aye Finance 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 operates through more than 72 branches across 10 states in North and South India and claims to have disbursed Rs 850 crore to more than 60,000 customers since its inception. Since January, Aye has cumulatively raised ₹255 crore of debt, the company said in a statement. Previous Funding In June 2018: The startup raised series C funding of Rs 147 crores ($21.5 Million) from CapitalG, the investment arm of Google’s parent company Alphabet Inc. In April 2018: Aye Finance has raised Rs 30 crore in debt funding from existing investor BlueOrchard Finance. In February 2018: Aye Finance had raised Rs 25 Cr through a securitization deal from three investors including Hinduja Leyland Finance and Intellegrow. In January 2018: Aye Finance has raised Rs 40 crore in debt funding from IFMR Capital. 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…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...