Aye Finance, Gurgaon based Fintech startup, has announced that ever since its inception in 2014, it has till date disbursed 60,000 loans till date, to micro small and medium enterprises (MSMEs), giving out a total of Rs 700 crore.
“I strongly believe that if India has to rise with a social balance, the micro businesses at the bottom of the pyramid have to be enabled and empowered. I co-founded Aye Finance with Vikram Jetley to accomplish this by transforming micro and small-scale enterprise financing in India,” said Sanjay Sharma MD and co-founder of Aye Finance.
On April 2014, the company gave its first business loan to a micro enterprise at its Karampura branch in West Delhi. Having disbursed 60,000 loans amounting to over Rs 700 crores since then, Aye is now poised as a leader in the space of MSME lending,” he added.
digital lender that currently serves its customer base belonging to over 50 industry clusters in India through its 73 Branches is said to have adopted a unique “Cluster-Based Credit Assessment” methodology, using which, as per the lender that in recent times has emerged as a leading MSME lender in India, is able to gain unique insights into the cash-flows and seasonal fluctuations of its target enterprises.
Further, by using cutting-edge crowd Customer Relationship Management (CRM) tools and techniques and offering training to its borrowers to encourage non-cash modes of repayment, Aye is said to have been able to reduce the costs of origination and servicing of loans.
As per its management, Aye that currently claims of having over a dozen debt partners including State bank of India, country’s largest lender and equity funding by investors such as Accion, SAIF Partners and LGT, in the long run, wishes to be known as a leading new-age finance company that combines data, technology, human insight, and innovative processes to reach out to India’s thriving and underserved businesses.