Javascript on your browser is not enabled.

Advertisement

Aye Finance Raises Rs 10 Cr by Selling Its SME Portfolio to Mahindra & Mahindra Financial Services

With its consistent and organized efforts, the Organization aspires to be recognized as a leadership enterprise in the country.

Aye Finance has raised funds by selling part of its portfolio, under a securitization deal, to Mahindra & Mahindra Financial Services. Through this deal, which was facilitated by IFMR Capital, Aye has further diversified its funding sources, having raised money last year through equity and more recently through debt from India’s biggest PSU Bank SBI and a leading global impact investment manager, Blue Orchard.

Aye Finance, a non-banking finance company (NBFC) licensed by RBI, is headquartered in Gurgaon and serves the credit worthy albeit the underserved MSME sector through a network of 67 branches in 10 Indian States. Founded by career bankers Sanjay Sharma and Vikram Jetley in 2014, Aye has successfully made a ground level connect with India’s thriving MSME sector and offers customized and innovative financial products to match the sectors’ business needs.  Since then, it has disbursed over INR 200 crores in loans and has enabled the financial inclusion of over 20,000 micro and small businesses.

Commenting on this occasion Mr. Sanjay Sharma, Managing Director and Co-Founder, Aye Finance said “In the Year 2017 we will hit key business milestones, increasing our footprint and loan book to three times the size. As our business expands, we will be looking at diversified ways of raising funds. These additional funds have been raised on the backing of our robust underwriting and sound portfolio.  By securitizing part of our loan book, we free up capital which in turn improves our capital adequacy.”

Aye Finance distinguishes itself by utilizing technology in mitigating the challenges faced by MSMEs in securing loans. By deploying a cloud-computing architecture and automating front-end (eCRM), Aye Finance is able to bring down the cost of delivery. It is part of Aye Finance’s vision to leverage technology prowess of today for improving the productivity of field force, detecting frauds and exercising dual control on processes.

With its consistent and organized efforts, the Organization aspires to be recognized as a leadership enterprise in the country.


Tags assigned to this article:
AYE Finance Mahindra & Mahindra Financial Services

Around The World

Advertisement