Aye Finance, a CapitalG-backed fintech lender to the MSMEs said on Tuesday that it had reached ₹1,000 crore Asset Under Management (AUM) milestone within five years of inception.
CapitalG, earlier known as Google Capital, is the late-stage growth venture capital fund that helps companies grow faster with the support of Google’s resources.
Started in 2014, the lender has disbursed ₹1,700 crore to over 1,25,000 micro enterprises so far, said Sanjay Sharma, founder and Managing Director, in a statement.
Aye is a pioneer in transforming the micro enterprise financing in India by innovating on the methods that enable effective credit underwriting of the segment, which has been ignored by formal lending channels.
Sharma said the MSMEs are the backbone of economy but fail to access the formal financial systems. In the last financial year, Aye closed two rounds of equity, Series C and D, raised over ₹380 crore and added Falcon Edge and CapitalG to its suite of investors.