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.
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 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 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.