Aye Finance secures Rs 55 crore debt funding from DCB Bank

Financial technology start-up Aye Finance on Tuesday said it has raised a debt funding of Rs 55 crore from DCB Bank to grow its loan book and credit solutions. The deal was syndicated by Vivriti Capital, Aye Finance said in a statement.

"Aye Finance has raised Rs 55 crore from DCB Bank through a securitisation deal. Aye will use these funds to grow its loan book and offer affordable and customized credit solutions to the credit starved micro-enterprises in India," the statement said. Aye Finance has disbursed over Rs 2,000 crore loan in five years to over 1,25,000 under-served and under-banked grass root businesses. Its assets under management currently stand at Rs 1,200 crore.

"The support we receive from our debt partners allows us to continue on our mission of providing inclusive finance to the micro-enterprise sector and power their growth. We look forward to further strengthening our relationship with DCB Bank," Aye Finance Managing Director Sanjay Sharma said. Aye Finance is equity funded by CapitalG, SAIF Partners, Falcon Edge, Accion, LGT and MAJ Invest. The company has raised over Rs 480 crore in equity and approximately Rs 1,100 crore through a variety of debt instruments since its inception.