Aye Finance raises Rs 30 crore in debt funding from SBI; to lend further to MSMEs
New Delhi, May 15 (KNN) Digital lender Aye Finance has raised over Rs 30 crore in debt funding from SBI in order to extend further lending to the MSME sector.
The bank has extended this debt facility to MSME lender Aye so that they can use these funds to offer affordable line of credit to the micro enterprises and enable their inclusion in the mainstream economy.
For the second time SBI has extended a debt facility to Aye, earlier in May last year, the micro lending platform said that it has raised Rs 20 crore in debt funding from the PSU bank.
Commenting on the latest fund raise, Sanjay Sharma, Managing Director of Aye Finance said that the Aye is passionate about solving the grief of micro enterprises by providing them flexible and affordable loans to fund their businesses.
Further he said “we are grateful to SBI for instilling the faith in us second time around and offering us a debt facility which will allow us to empower a larger number of such enterprises”.
With successful integration of fintech and fintouch, Aye is reaching out to 5 crore un-organized micro enterprises, he added.
Also he said, these additional funds received by the bank will help us further spreading our wings across the country and bringing the missing middle into the folds of organized lending.
Aye Finance, raised close to Rs 30 crore in debt from Swiss-based impact investor BlueOrchard Finance, last month only. While in February this year, it had raised USD 3.9 million from Hinduja Finance and IntelleGrow.