WHEN Aye Finance RAISED $3.8 MILLION OF FUNDING
Aye Finance which is an online lending start-up based in Gurugram has, in a round of funding, managed to raise $3.8 Million (INR 25 Crore) mainly from its investors Leyland Finance, IntelleGrow and Hinduja. These investors provide debt finance to start-ups and growing businesses all across the country. The investment was mainly facilitated by Vivriti Capital.
The company plans to use the funds to improve the MSME Sector and expand its online lending offerings.
Talking about this round of funding, Founder and Managing Director of Aye Finance, Sanjay Sharma says,”I believe if India has to rise with a social balance, the micro businesses at the bottom of the pyramid needs to be enabled and empowered. But lending to this segment poses innumerable challenges. The loan requirements of these businesses range between $774.6 and $7746.7 (INR 50,000 and INR 5 Lakh), which makes servicing these small ticket loans an expensive proposition.”
Aye Finance was founded by Sanjay Sharma and Vikram Jatley in 2014. It is a finance company that provides business loans to micro and small businesses.
The CEO and founder of StartupLanes, Shishir Gupta says, “The investment in Aye Finance brings in a great opportunity for them to expand their business and reach out to many new sectors that require resources. The people of Aye Finance will be able to grab this opportunity and expand their company further to other parts across the country.”
The improvement in the finance and banking systems will make it easier to get access to loans when in need by the small scale businesses and start-ups in the country.