aye finance: Aye Finance raises Rs 75 crore debt from Triple Jump and Northern Arc
The company intends these funds for retrocession.
The CapitalG-backed lender was established in 2014 and has since disbursed over INR 5,000 crore to over three and a half lac micro-enterprises.
Recently Aye announced the opening of 100 new centers which brought its geographical presence to 311 in 20 states. With this new injection of funds, the lender will make credit a reality for an even larger population of the underserved segment of micro-enterprises.
Sanjay Sharma, Managing Director of Aye Finance, said in a statement: “This fundraising underscores the confidence that the investment community has in our model and our ability to deliver on our mission of making it easier for grassroots businesses to access to affordable and personalized credit solutions. ”
Despite the disruption caused by the pandemic, Aye has continued to raise funds from major impact investors. The company is backed by CapitalG (Alphabet Inc Growth Equity Fund), Elevation Capital, LGT, Falcon Edge Capital, A91 Partners and MAJ Invest, and more than twenty investors who back it through debt.
“Triple Jump has been funding Aye Finance since 2018, we are pleased to further expand our relationship through this joint transaction with Northern Arc. Over the years Aye Finance has had a tremendous impact on MSMEs in India who find it difficult to obtain funding,” Jarri Jung, director of financial institutions at Triple Jump, said in a statement.