Aye Finance, the Gurgaon-based provider of business funding to Indian micro and small enterprises, has been sanctioned credit facilities for INR 20 crore from State Bank of India, for on-lending.
Such lending will enable Aye Finance to further its goal of financial inclusion of millions of small businesses across the country which are currently locked out of the financial system. For Aye Finance, this funding is a significant milestone which will assist further growth of its loan book.
Sanjay Sharma, Co-founder and MD, Aye Finance, said, “While the MSME sector continues to be under-served by most financial institutions, we believe that the sector holds a lot of promise for growth, development and job creation in India. And these funds from SBI will allow us to reach out to many more micro and small enterprises and provide them with the much-required line of credit for getting started and growing their businesses. With our high credit quality, we anticipate receiving further support from different banks and government institutions in our cause of financial inclusion.”
Founded in the year 2014 by Sanjay Sharma and Vikram Jetley, Aye Finance prides itself in making the last-mile connect with micro and small sized business owners through its elaborate network of 33 branches spread across the country. It provides line of credit for both working capital and fixed capital requirements.
In November 2016, Aye Finance had received equity funding worth $10 million (Rs 70 Crore) in a Series B round led by LGT IV, SAIF Partners and Accion.