In order to grow its loan book and credit solutions, the Financial technology startup, Aye Finance, has said that it has raised its debt funding of Rs 55 crore from the DCB bank.
The company is set to use these funds from the DCB bank to grow its loan book and offer affordable and customised credit solutions to the credit-starved micro-enterprises in India.
In five years, Aye Finance has disbursed more than Rs 2,000 crore loan to over 1,25,000 under-served and under-banked grass-root businesses. Its assets under management currently stand at Rs 1,200 crore.
“The support which we have received from our debt partners, allows us to continue on our mission of providing inclusive finance to the micro-enterprise sector and power their growth, We look forward to further strengthening our relationship with DCB Bank,” said Sanjay Sharma, Managing Director, Aye Finance.
The company is equity funded by CapitalG, SAIF Partners, Falcon Edge, Action, LGT and MAJ Invest. Aye Finance through a variety of debt instruments since its inception has raised over Rs 480 crore in equity and approximately Rs 1,100 crore