MSME lender Aye Finance has raised ₹233.62 crore in Series D equity round, led by New York-based investment firm Falcon Edge Capital.

Existing investors, CapitalG, LGT and MAJ Invest, also participated in this round.

The fresh funding will be used to drive the lender’s growth and to develop financial and and data-mining technologies. “The funds from this round will help us continue the strong growth in lending to micro enterprises across India. Our enhanced focus on Machine Learning has benefited from the mentorship of Google Launchpad programme, and this has enhanced our ability to create a transformative change for the excluded micro enterprises.

“In the coming year, we will make our services to our clients go beyond finance, and this will support our vision for holistic impact, which will power the growth of micro enterprises,” said Sanjay Sharma, MD, Aye Finance.

“Since our investment eight months ago, Aye has almost doubled its book and proven its ability to scale branches profitably,” said Kaushik Anand, Head of India Investments at CapitalG.