Aye Finance raises investment of Rs 234 crore to strengthen business

MSME lender Aye Finance Friday said it has raised Rs 233.62 crore from various investors, led by US-based investment firm Falcon Edge Capital. Existing investors CapitalG, LGT and MAJ Invest also participated in this series D equity round, the company said in a release. "The fresh funding will be utilised to drive business growth and develop its financial technology and data mining," it added.

The firm, which was incepted about five years ago, has serviced over 1.20 lakh microenterprises and has a loan book of over Rs 10 billion, it said. "Our enhanced focus on machine learning has benefited from the mentorship of Google Launchpad programme and this has enhanced our ability to create a transformative change for the excluded micro-enterprises," Aye Finance Managing Director Sanjay Sharma said.

(With inputs from agencies.)