Aye Finance on Monday announced the acquisition of Rs. 25 crore worth securitisation deal, facilitated by Vivriti Capital.
Since inception, Aye Finance has disbursed over Rs. 500 crore to Rs. 40,000 under-served and under-banked grass root businesses. Its current AUM is Rs. 350 crores, and the team at Aye aims to disburse Rs. 600 crore by the end of the current financial year.
AyeIt deploys its proprietary "Cluster Based Methodology" and alternate data insights to assess the credit worthiness of micro businesses and offers the credit starved MSME sector business loans which are customised to their needs.
"The loan requirements of these businesses ranges between Rs. 50,000 and Rs. 500,000, which makes servicing these small ticket loans an expensive proposition. We at Aye have not only designed our processes and automation at minimum cost but we have also partnered with various lenders, which allows us to offer economical loans, bringing this crucial sector of the economy under the inclusive fold of formal lending," said Sanjay Sharma, founder and managing director Aye Finance.
Aye Finance had earlier raised equity funds from three Venture Capital Funds - Accion International, SAIF Partners and LGT Impact Ventures. Furthermore, the company is in advanced talks with investors to raise Rs. 150 crore in Series C funding.
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