Aye Finance raises $30 Mn in debt from FMO

Aye finance

Aye Finance a microlending platform has raised Rs 250 crore ($30 million) in debt funding from FMO ,the Dutch entrepreneurial development bank. The Company is based on Gurugram and raised their 2nd funding in the time period of 6 month.

This funding will be used to further Aye’s mission of financial inclusion by extending loans to underserved MSMEs across India, Aye Finance stated this in a press release.

In the month of December, Aye Finance raised $37 million in its Series F funding round led by British International Investment with the participation of Waterfield Fund and existing backer A91 Partners. While the equity round came after a gap of three years, the company cornered Rs 1,043 crore ($125 million) worth of convertible debenture during FY23.

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Aye Finance provides financial services to micro and small businesses and has more than 398 branches operational in 22 states across India which majorly deals in manufacturing, trading, and service groups

The firm runs three products — quasi mortgage loan, hypothetical loan, and add-on loan — ranging from Rs 50,000 to Rs 1,000,000. As per the company, it has disbursed over 7,600 crore ($915 million) of credit to over 5,76,000 businesses to date with a 60% repetition rate.

ye Finance’s revenue from operations grew 44.5% to Rs 623 crore during FY23 and churned a hefty profit of Rs 54 crore. In FY24, the company claims that its profit grew 3 times to Rs 161 crore and revenue was up 67% to Rs 1072 crore.

The company ended FY24 with assets under management (AUM) of Rs 4,500 crore and a gross NPA of 1.21%.

visit: gamicaltech.com

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