Accion sells stake in Aye Finance to A91 Partners

Aye Finance on Thursday said one of its early investors, Accion has sold its stake in the Indian fintech company to A91 Partners. However, the company did not provide any financial details.

Accion Venture Lab had exited its investment in Aye Finance in 2018, and the latest announcement marks Accion's final exit through its Accion Global Investment (which invests in financial instutions and financial service providers), a statement said. Founded in 2014, Aye Finance addresses the credit challenges of the unbanked micro-enterprises in the country.

Accion first participated in Aye's seed equity round in early 2015 along with SAIF Partners and provided additional capital in two subsequent equity rounds as well. In the early years Accion also partnered with Aye on various advisory projects across risk and analytical verticals, the statement said.

"Accion has been a supportive partner in our transition from a startup to a mid-size organisation. We are grateful for their initial capital and advisory support in the last 5 years," Sanjay Sharma, founder and managing director of Aye Finance, said. He added that the latest deal was led by Kaushik Anand of A91, who was earlier on the company's board as nominee director of CapitalG.

"This investment from A91 is a clear reaffirmation of the confidence of our investors in our team and our business model," Sharma added.

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