[India], Nov 22 (ANI): Delhi-based non-banking finance company AYE Finance (AYE) has closed its Series B round of funding of Rs. 70 crore from LGT IV and its existing investors SAIF Partners and Accion.
A rapidly-growing provider of loans to micro and small, enterprises across India, the company was founded in 2014 by career bankers Sanjay Sharma and Vikram Jetley.
It uses an innovative approach to make working capital loans available to these under-served enterprises by using a proprietary innovative underwriting methodology that has allowed AYE to enhance its portfolio to more than Rs. 80 crore.
AYE uses an innovative industry cluster-based approach to access and evaluate borrowers and is already catering to the credit needs of more than 40 industry clusters across the country. For underwriting "thin file" customers, AYE uses proprietary technologies of industry cluster insights, psychometric mapping and business sciences for regenerating cash-flows.
"We are happy to be partnering with LGT IV for the next stage of our growth. Our existing investors, SAIF and Accion too have demonstrated continued faith in us and have contributed in the current round. LGT IV, SAIF and Accion have a proven track record of investing in quality growth companies," said Co-Founder AYE Finance, Sanjay Sharma.
"I look forward to our association as we take AYE Finance to its next stage of evolution to achieve our common vision of providing comprehensive financial services to small and micro enterprises to power the inclusive growth of the country," added Sharma.
Accion has provided capital and advisory services support to AYE since its seed stage investment through Accion Venture Lab.
"AYE Finance is one of the most exciting companies in our portfolio of global investments that are focused on using innovative underwriting and acquisition methods to serve micro and small enterprises. Through its unique cluster-based process, technology and high quality team, AYE is benefitting the large number of micro and small enterprises that are the engine of growth for the Indian economy," said Managing Director Accion Venture Lab, Vikas Raj.
With the best blend of brick and mortar and financial technologies to deliver a low-cost and high touch-point business, AYE has successfully been able to contribute to the financial inclusion and has helped over 10,000 micro enterprises move to mainstream banking. (ANI)