Aye Finance, a new age non banking finance company, has said that its loan book grew 56 per cent in 2022-23 to touch ₹2,700 crore as of March 31 this year. This fintech lender, which is focused on providing unsecured small-ticket business loans to micro enterprises segment, has recorded net profit of ₹60 crore on revenue of ₹630 crore for the fiscal year ended March 31, 2023.
It has added 1 lakh active customers for the fiscal year to take the overall customer base to 3 lakh micro enterprises.
This Capital G (Google parent Alphabet’s investment arm)-backed fintech, which started in 2014, has provided customised business loans of over ₹7,000 crore to 6 lakh micro enterprises and enabled their inclusion into the formal economy.
Sanjay Sharma, Managing Director, Aye Finance said “After the difficult Covid impacted years, FY23 came as an opportunity to get back to high levels of performance. The credit quality has returned back to pre Covid levels and profitability has never been better. We are now poised for another promising phase and will expand our client base with profitability and positive social impact in FY24”
The fintech lender has been making rapid strides in transforming micro enterprise lending having cracked this difficult- to-lend segment with its unique cluster-based credit appraisal approach and optimally digitized phygital model.
Aye Finance is backed by accomplished investors – Elevation Capital, CapitalG, Alpha Wave Global, Light Rock, A91 Partners and MAJ Invest, that support the lender in its mission of creating an inclusive ecosystem for the micro entrepreneurs.