New Delhi, Feb 24: Aye Finance has declared the purchase of Rs. 25 crores worth securitisation deal, promoted by Vivriti Capital.
Since the beginning, Aye Finance has spent over Rs. 500 crores to Rs. 40,000 under-served and under-banked grass root companies. Its current AUM is Rs. 350 crores. The team at Aye aims to spend Rs. 600 crores by the closing time of this financial year.
Aye uses its exclusive "Cluster-Based Methodology" and alternating data insights to assess the creditworthiness of micro businesses and proposes the credit-starved MSME sector business loans which are tailored to their wants.
Sanjay Sharma, founder and managing director Aye Finance said, "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."
Earlier, Aye Finance had raised equity funds from three Venture Capital Funds - Accion International, SAIF Partners and LGT Impact Ventures. Moreover, the company is in advanced talks with investors to raise Rs. 150 crore in Series C funding.