Money & Banking

Aye Finance raises ₹ 180-crore debt from domestic, foreign lenders

Our Bureau New Delhi | Updated on April 07, 2020

Aye Finance, the Capital G-backed fintech lender, has raised ₹180 crore in debt in the last 15 days from lenders in India and abroad. The company said in a statement it has managed to raise the funds though economic activities have come to a standstill globally.

Aye said it has offered a moratorium to its customers — bottom-of-pyramid businesses, per the RBI’s March 21 notification to support them during this difficult period.

Sanjay Sharma, Managing Director, Aye Finance, said: “Our credibility in repayments and the milestones Aye has achieved has given our debt providers considerable comfort and confidence. Our ability to raise money even in these testing times is testament to that. This fresh round of funds we have raised will be used to address the credit requirements of micro enterprises to support them during this financial crisis.”

The fintech lender has offered working capital and fixed capital loans to over two lakh micro enterprises in India using its underwriting method which bases risk selection on the data collected from clusters and corroborates it with various machine learning algorithms, the statement added.

Published on April 07, 2020

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