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Rs 300 million debt from SBI to Aye Finance will benefit the MSME sector
Industry News- May 21,18
Aye Finance, one of the upcoming money lenders of Micro, Small and Medium Enterprises (MSME) has raised Rs 300 million from SBI recently. The startup will be focussing to offer an affordable line of credit to the micro and small enterprises.
Aye Finance, one of the upcoming money lenders of Micro, Small and Medium Enterprises (MSME) has raised Rs 300 million from SBI recently. The startup will be focussing to offer an affordable line of credit to the micro and small enterprises by using this debt, thereby enabling the inclusion of MSMEs in the mainstream economy.
"We at Aye are passionate about solving the pain point of micro-enterprises by providing them flexible yet affordable loans to fund their businesses. We are grateful to SBI for instilling the faith in us the second time around and offering us a debt facility which will allow us to empower a larger number of such enterprises. Having successfully integrated fintech with fintouch we are reaching out to the five crore unorganised micro-enterprises, and these additional funds will help us further in increasing our reach and bringing the 'missing middle' into the folds of organised lending," said Sanjay Sharma, Managing Director of Aye Finance while interacting with Techstory.
Aye Finance is an equity, funded by Accion, SAIF Partners, and LGT, and was founded by Sanjay Sharma and Vikram Jetley in 2014 as a non-banking finance company. With 72 branches across the country, the company has more than 1000 employees and provides its services in 10 states. It provides mortgage, hypothecation, and term loan services to MSMEs.
Aye Finance
SBI
Micro
Small and Medium Enterprises
MSME
credit
lend
Accion
SAIF Partners
LGT
non-banking finance company
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