Aye Finance, India’s MSME lending platform raises INR 65 crore debt fund from Symbiotics Investments, a Geneva-based market access platform for impact investing, dedicated to private markets in emerging and frontier economies. Aye plans to use the proceeds of this capital influx to further enhance its credit portfolio bringing a larger population of the underserved population of micro enterprises into the folds of organized lending.
Commenting on the fundraise, Sanjay Sharma, MD and Founder of Aye Finance, said, “Symbiotics has been supporting us in our mission of fostering inclusive growth since 2017 and this enhanced partnership will help us reach out to a larger population of the traditionally excluded sector”.
Commenting on the recent social bond issuance, Prashant Bhardwaj, Regional Manager South Asia at Symbiotics Investments, said: “This Social Bond is a confirmation of Symbiotics Investments strategy to make sustainability, social and green bonds accessible to financial institutions active in emerging and frontier markets. In addition, the bond’s proceeds will increase the access of funds to the missing middle MSME segment via the strong distribution network of Aye Finance. We are excited to be part of the growth of this segment of the MSME market and to continue supporting businesses in the post-pandemic recovery phase”.