Aye Finance raises Rs 25 cr from Hinduja Finance & Intellegrow

Delhi-based MSME lending platform Aye Finance has raised Rs 25 crore from Hinduja Leyland Finance and Intellegrow.

This is the second securitisation deal for the company. Last year it had raised Rs 10 crore by securitising part of its portfolio.

Sanjay Sharma, Founder and Managing Director Aye Finance said, “The loan requirements of these businesses ranges between Rs 50,000 and Rs 5 lakh, which makes servicing these small ticket loans an expensive proposition. We at Aye have not only designed our processes and automation at minimum cost but we have also partnered with various lenders, which allows us to offer economical loans, bringing this crucial sector of the economy under the inclusive fold of formal lending.”

The company was founded by Sanjay Sharma and Vikram Jetley in 2014. It employs about 450 people currently.

It uses ‘Cluster based Methodology’ and alternate data insights to assess the creditworthiness of MSMEs.

The company is in talks with investors to raise INR 150 crore in a Series C round.

[“Source-moneycontrol”]

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