Jaipur, February, 2020: Aye Finance, CapitalG backed Fintech Lender, announced disbursing loans to more than 200,000 micro enterprises of India. The great milestone has further consolidated Aye’s leadership position in India’s MSME lending segment.
Driven to bring India’s burgeoning MSMEs at a grassroots level under the folds of organised lending and riding on the back of an innovative model, Aye Finance has been charting an unprecedented growth story. Incepted in the year 2014, Aye has, till date, disbursed loans worth over INR 2900 crores and has an asset book of over INR 1600 crores.
Commenting on the latest development, Sanjay Sharma, MD and Founder of Aye Finance said, “Lending to micro enterprises has been a less travelled path for banks and financial companies and hence it is satisfying to have established an innovative paradigm of our lending approach and reaching the milestone figure of 2 lacs loans disbursed. The last 6 years have demonstrated our serious commitment to not only becoming a leader in providing business loans to this excluded sector, but also achieving it in a manner that makes us admired by our stakeholders.”
Aye has been successful in disrupting the status quo in MSME lending by innovatively adopting the industry-clusters approach. The unique methodology coupled with various data driven and behavioural scorecards, puts Aye at a vantage point to make a robust lending decision and control the quality of its asset book. With its innovative business model and success, Aye has made it to the list of 268 Systemically Important NBFCs, in India.
The unprecedented success in the MSME lending segment has also propelled Aye to transition from a start-up to a mid-sized company in a short span of 6 years. The lender has a presence in 18 Indian States / UTs through its 173 branches employing over 3000 employees. It is the only Indian finance company to be funded by CapitalG, and has marque investors including SAIF Partners, Falcon Edge, Accion, LGT and MAJ Invest part of its investor suite.