Gurugram-based fintech startup Aye Finance announced on Monday that it has raised over Rs 125 crore in debt from Germany-based impact investor, Invest in Vision.
Founded by Edda Schröder in 2006, Invest in Vision specialises in investments in sustainable agriculture, social enterprises, and social impact lending (social bonds, for example, in the areas of healthcare, education, social housing).
The funding round came in within a week of the company raising Rs 210 crore from CapitalG, Alphabet’s independent growth fund, with participation from Aye’s existing investors LGT Lightstone, Falcon Edge Capital, A91 Partners, and MAJ Invest.
Team at Aye Finance
According to a statement released by the company, Aye Finance will be utilising the freshly raised funds to lend to the micro enterprise sector and to facilitate job creation and its inclusion in to the folds of organised lending.
Founded in 2014 by Sanjay Sharma and Vikram Jetley, Aye Finance claims to have disbursed over Rs 3,000 crore to over two hundred thousand micro enterprises in India so far. It has created a technically enabled process that builds credit insights through a variety of available business, supply chain, and predictive AI driven data models to offer a line of credit to these bottom of the pyramid businesses and power their growth.
Commenting on the fundraise, Sanjay Sharma, Managing Director, Aye Finance, said,
"Since our inception, we have been making affordable loans a reality for the historically credit starved micro enterprises of India. Access to adequate capital has never been more significant than in these current times of economic disruptions and we are committed to supporting these grassroots business through these trying times as well with our loan offerings. We are grateful for the support we receive from our debt partners in helping us realise our mission of creating an inclusive India."
The statement also says that Aye Finance has so far raised over Rs 690 crore in equity and over Rs 2,000 crores in debt through various debt instruments.
(Edited by Megha Reddy)
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Link : https://yourstory.com/2020/07/funding-alert-fintech-startup-aye-financing-invest-in-vision
Author :- Apurva P ( )
July 06, 2020 at 03:11PM
YourStory