Gurugram-based Aye Finance receives Rs 210 cr for lending services

admin / July 6, 2020 / India, NewCrop, Startups

Small business-focused financial lending startup, Aye Finance, raises Rs 210 crore in new investment round. 

The Gurugram-based company distributes funding to small businesses based on predictive analytics and other research and statistics-driven methods, rather than traditional reports, which opens up funding opportunities for those smaller companies. 

The startup has provided around Rs 3000 crore in loans to businesses throughout India, so far.

“Closing a major funding round during these times of economic uncertainty reinforces the value that our investors see in Aye Finance,” Managing Director of Aye Finance, Sanjay Sharma said, as reported by Livemint. “Our loans are underwritten with cluster insights and this continues to assure good repayment behavior in our portfolio.” 

The financial services startup has developed a customer base of approximately 200,000 businesses that have received funding outside of the traditional model. 

Aye Finance was founded by Sharma and Vikram Jetley in 2014 with a purpose of including small scale companies in the lending sector, by not requiring a history. 

Investors in the Series E investment round include CapitalG, LGT Lightstone, Falcon Edge Capital, A91 Partners and MAJ Invest. 

“Aye Finance’s continued success is a testament to their industry leadership, their underwriting methodology, which combines an optimal mix of data science with physical presence in the field, and their ability to empower a huge, unaddressed market,” Sumiran Das of CapitalG said, as reported by Livemint. 

CapitalG is a California-based investment fund owned by Alphabet Inc., Google’s parent company. 

(Picture Courtesy: Eletsonline)

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