The funds received are part of debt funding and would help the company to further diversify its lending portfolio, reaching out to the long trail of MSMEs in India
Gurgaon-based online lending platform Aye Finance has raised Rs 30 crore from Switzerland-based BlueOrchard Finance.
The funds received are part of debt funding and would help the company to further diversify its lending portfolio, reaching out to the long trail of MSMEs in India.
“ While we are thankful for their timely support and encouragement through the investment of funds, it also inspires us to continue the work we are doing in creating a difference in the Indian economy by supporting the MSME sector. We are going to utilize the latest infusion of funds to increase our reach to bring the “missing middle” into the folds of organised lending," said Sanjay Sharma, Managing Director and Founder, Aye Finance.
The company was founded in 2014 and has a proprietary data driven underwriting technique 'Cluster-Based Credit Assessment' which ensures credit selection in the absence of banking records and without prior credit bureau history.
BlueOrchard has invested around Rs 100 crore in the company. It has recently raised a conventional debt of Rs 25 crore from Hinduja Leyland Finance and Intellegrow.