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With Over Rs 800 Cr Loan Disbursal to 65K Customers, CapitalG-backed Aye Finance is Now Present in 100 Cities across 11 States

It opened its 102nd Branch in Hyderabad last week to offer finance options to the credit starved micro enterprises in the city.

Aye Finance, a new age finance company providing business loans to the micro and small enterprises across India, has expanded its reach to 100 cities in 11 Indian States. It opened its 102nd Branch in Hyderabad last week to offer finance options to the credit starved micro enterprises in the city. 

Commenting on this milestone achievement, Vikram Jetley, Executive Director and Founder of Aye Finance said, “We are now present across 100 cities in 11 States providing access to a large populace of micro businesses for them to avail mainstream credit facilities. Setting up branches in metros, tier 1 and beyond cities has helped us connect with the bottom of the pyramid businesses to better understand their distinct challenges and has allowed us to offer them credit solutions which best match their needs, bringing this “missing middle” into the ambit of formal lending.”

Founded in 2014 by Sanjay Sharma and Vikram Jetley, Gurgaon-headquartered Aye Finance is spreading its services across 102 branches and employing over 1100 employees. 

Aye has designed an innovative “Cluster Based Credit Assessment” methodology that uses insights of each industry cluster to underwrite the risk of lending to micro businesses. This segment has historically been ignored by Banks & formal lending institutions as these businesses maintain asymmetrical books of accounts and seldom have prior borrowing histories, making their credit assessment through the traditional methods a challenge. This method has escalated Aye to the leadership position in MSME lending having disbursed over Rs 800 crores to over 65,000 customers.

In June, the company raised $21.5 million in Series C equity, which was led by CapitalG with participation from its existing investors, SAIF Partners and LGT. Aye also has leading names from the Indian and Global financial markets that have offered it debt facility like SBI, HDFC Bank, BlueOrchard, Triodos Investment and Symbiotics.

In the SME lending segment, Aye Finance competes with the likes of players such as Capital Float, Lendingkart, Veritas Finance, Quikrupee, SMEcorner, Innoviti, FlexiLoans, Biz2credit, and KredX, among others.

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