MSME lender Aye Finance raises Rs 147 crore from Capital G
New Delhi, June 21 (KNN) Micro, Small and Medium Enterprises (MSME) lender Aye Finance has raised Rs 147 crore ($21.5 million) from Capital G, the growth-equity investment arm of Google parent Alphabet Inc. and existing investors SAIF Partners and LGT Impact Ventures.
The company intends to use the funds to accelerate business growth.
Started in 2014, Aye Finance provides working capital and business development loans to micro and small enterprises (MSEs), across sectors such as manufacturing, trading, services and livestock. Its operations are spread across 72 branches in 10 states.
“Capital G’s access to Google expertise in scaling businesses using analytics and technology will strongly supplement our approach”, said Sanjay Sharma, managing director at Aye Finance in a statement.
Aye Finance has so far disbursed more than Rs 500 crore to 60,000 small and medium businesses, the statement added.