Aye Finance's Three-Fold Profit Growth: A Testament to Financial Innovation

Aye Finance, a fintech firm known for providing unsecured small-ticket business loans to micro enterprises, reported a nearly three-fold increase in net profit to Rs 161 crore for the financial year 2023-24. The company's revenue surged 67% to Rs 1,072 crore, with assets under management also showing significant growth.


PTI | New Delhi | Updated: 06-06-2024 20:24 IST | Created: 06-06-2024 20:24 IST
Aye Finance's Three-Fold Profit Growth: A Testament to Financial Innovation
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Aye Finance, a leading fintech firm specializing in unsecured small-ticket business loans to micro enterprises, announced on Thursday a nearly three-fold increase in its net profit, reaching Rs 161 crore in the financial year 2023-24.

The company, which saw a profit after tax of Rs 57 crore in the previous year, reported a revenue growth of 67%, climbing to Rs 1,072 crore from Rs 643.34 crore in the preceding fiscal year.

Additionally, Aye Finance's assets under management (AUM) surged to Rs 4,400 crore from Rs 2,700 crore.

Managing Director Sanjay Sharma emphasized the firm's strong foundation in the micro MSE segment and its readiness to leverage new growth opportunities to further cement its status as a leading provider of innovative financial solutions.

Since its inception, Aye Finance has disbursed over Rs 12,000 crore to more than 9 lakh businesses.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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