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IFMR Capital, which helps arrange debt for non-banking finance companies that serve micro, small and medium enterprises, has arranged a ₹44-crore debt for Gurgaon-headquartered Aye Finance.
The Netherlands- headquartered Triodos Bank, a leading sustainable bank, has subscribed to the issue of non-convertible debentures of Aye Finance, which lends to micro and small enterprises.
The NCDs have a six-year tenor and provide long-term funding for Aye Finance, which will use the money to increase its asset book and for its expansion plans. This is the second foreign investment deal facilitated by IFMR Capital for Aye Finance; in May, it arranged an ₹80-crore debt investment by impact investment manager Blue Orchard.
Aye Finance has 72 branches in 10 States in North and South India. As of March 2017, it had assets under management of ₹130 crore and targets ₹430 crore for FY18.
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