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Aye finance scoops $ 8 mn funding from Blue Orchard; aims financing MSMEs

Updated: May 25, 2017 09:23:45am

Aye finance scoops $ 8 mn funding from Blue Orchard; aims financing MSMEs

New Delhi, May 25 (KNN) Non-banking Finance Company (NBFC) Aye finance in a recent engagement with an International investment manager Blue Orchard, raised funds of 8 million dollars.

These funds were raised through Non-Convertible Debentures with a maturity period of five years.

Blue Orchard was formed under an initiative of the United Nations to manage microfinance debt investments worldwide. The company has extended funds of 8 million to Aye Finance.

Through the announced lending, Aye Finance and Blue Orchard aim to enable financial inclusion of the MSMEs in the country that face the problem of proper financing at present.

Managing Director of Aye Finance Sanjay Sharma in a statement said that the company extends customized financial assistance to the MSME sector via its branches and cloud computing architecture.

He further said that the funds from Blue Orchard will help strengthen Aye finance’s stance to facilitate financial inclusion of the MSMEs in India that are deprive of financing in the mainstream financial setup.

Also earlier this year Aye finance received credit facility amount to 3.2 million dollars from the State Bank of India (SBI).

The Gurgaon headquartered company Aye Finance functions in providing credit to the Micro, Small and Medium Enterprises (MSMEs). It operates through its network of 39 branches and cloud based infrastructure. (KNN/ DA)


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