City-based non-banking finance company AYE Finance has closed its Series B round of funding of Rs 70 crore from LGT IV and its existing investors, SAIF Partners and Accion.
Founded in 2014 by Sanjay Sharma and Vikram Jetley, AYE provides loans to micro and small, enterprises across India. It has 31 branches across seven states and has impacted the lives of more than 2.5 lakh people.
The loans provided by AYE are in the range of Rs 50,000 to Rs 25 lakh.
"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," Sharma said.
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Nodd raises Rs 1 cr in angel funding
Noddapp.Com, a Mumbai-based networking platform, has raised Rs one crore in angel funding from 11 entrepreneurs turned investors.
The funds will be used to scale up operations and expansion across major metros like New Delhi, Bangalore, Mumbai, Hyderabad, and Chennai, the company said in a statement.
Part of the investment will also be directed towards building a strong team and technology, it added.
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* Ed-tech startup VoLT raises seed funding from YMS Mobitech
Ed-tech startup VoLT has raised an undisclosed amount of seed funding from YMS Mobitech, a tech-based distribution company.
Since its launch, the VoLT android application has seen over 300,000 downloads, registering monthly growth of close to 125 per cent, the company said.
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* IBM launches Global Watson IoT consulting solutions
IBM today announced an array of new services to help enterprise clients, startups and developers drive digital transformation using Internet of Things (IoT) technology.
With the number of connected devices skyrocketing, IBM is making IoT accessible to millions around the world and is dedicating more than 1,500 industry experts with its new Watson IoT consulting solutions, IBM said in a statement.
It added that the US-based company is also giving open and free access to its Watson IoT platform.
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Citi Foundation to invest Rs 13 cr to boost job prospects * Citi Foundation will invest Rs 13 crore for youth focused programmes to boost job prospects and promote entrepreneurship across India.
As per the programme, the money will be invested to increase the employability and entrepreneurship opportunities of 13,000 low income youth, aged between 16-25 years, across India, Citi Foundation said in a release.
The Foundation's grant is part of its global initiative through the 2016 India Innovation Grant Programme (IIGP) to prepare young disadvantaged youth build an entrepreneurial mindset, acquire leadership, financial and workplace skills, and begin to engage in the formal economy through a first job.
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