AYE Finance, a non-bank financial company, has announced receiving Rs. 147 crores (USD 21.5 million) in the Series C round of CapitalG (formerly Google Capital),) and the existing investors SAIF and LGT Partners.
Focused on resolving micro-finance funding issues. "AAEE" will use this financial fund to promote business and maintain leadership in its financial technology.
"AYE" offers innovative working capital and business development loans to under-served micro and small businesses. It using a unique cluster-based approach, backed by a proprietary underwriting methodology. Its operations extend through 72 branches in 10 states.
Using information science and digital technology helps to manage AYE Finance at low cost. And to overcome the inadequate documentation of its clients' revenue. In the first 4 years, the company has applied more than 60 thousand loans to micro-enterprise owners across India. It is allowing them to grow their business.
"We are very excited about our partnership with CapitalG. we are using data and technology models to offer affordable business loans to excluded micro-enterprises across India." CapitalG's access to Google's experience in scaling businesses using analytics and technology. It will complete our approach, "said the founder and MD, AYE, Sanjay Sharma.
"We are happy that our current investors, Partners SAIF and LGT, have also participated in the latest round of actions. Restoring their faith in AYE's ability to transform the financing of micro and small businesses in India," Sharma added.
"MSMEs form the backbone of the Indian economy and contribute a large part of their GDP, yet they lack access to formal credit." In recent years, AYE has shown that its model is one of the most efficient ways to deliver credit to disadvantaged MIPYMEs in all industry clusters. We look forward to working with AYE and helping them to use the technology to address the under-invested segments of MSMEs' credit market, "said Kaushik Anand, director of India, CapitalG.
"AYE" is a great company that uses very innovative methods of assurance and customer acquisition to serve small and micro businesses. We have been a partner since the beginning of AYE and we have seen it grow and mature at its current level. We continue to be enthusiastic about the future of AYE and we are happy to support the company also in this round, "said Vivek Mathur, CEO of SAIF Partners.