Aye Finance, an Indian startup specializing in digital lending to small businesses, has raised $37.18m in an all-equity Series F round.
This round was spearheaded by British International Investment, according to a report from TechCrunch. The funding round also saw participation from Waterfield Fund of Funds and existing investor A91 Partners, bringing Aye Finance’s total fundraising to nearly $200m.
At the heart of Aye Finance’s operations is its commitment to empowering micro enterprises. The company, founded on the principle of inclusivity, offers business loans through various means such as mortgage, hypothecation, and term credit. These financial solutions are tailored to meet the unique needs of small businesses, particularly those that struggle to meet the stringent requirements of traditional lending institutions.
Aye Finance distinguishes itself by leveraging in-house technology and analytics, enabling it to assess the creditworthiness of businesses often ignored by the conventional banking sector.
Sanjay Sharma, co-founder, MD, and CEO of Aye Finance, commented on the funding, “We believe there is immense potential in lending to underserved micro enterprises, and the fresh capital will provide a strong fillip to our compounding story.
“Aye Finance is on a growth journey, and we are delighted to partner with BII, who have a deep understanding of the financial services sector in India. This equity raise is a testament to the strong conviction that investors have in a high-quality franchise such as Aye.”
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