Aye finance raises funds through loan pooling, aims pushing credit to MSMEs

New Delhi, July 12 (KNN) Aiming at accelerating credit to the Micro, Small and Medium Enterprises (MSMEs), the Non-Banking Finance Company (NBFC) AyeFinance in a recent engagement has raised funds by selling a share of its loan portfolio to Hinduja Leyland Finance.

This engagement of Aye finance is a part of 107 crore loan pool collectively by 7 other firms. The loan collaboration is partially being guaranteed by IFMR capital.

Sanjay Sharma, Co-founder and MD of Aye finance in a press statement said that the company intends to raise 300 crore to meet the disbursal target for the current year.  He further informed that the loan pooling is an economical method of raising debt and such collaborations will help the company facilitate the credit to the enterprises that are at the bottom of the pyramid.

Also, earlier the company raised debt from different organizations including State bank of India, Blue Orchard. Also Last year it raised Series B round of funding from global non-profit and financial inclusion pioneer Accion, SAIF Partners and LGT Impact ventures.

The Gurgaon headquartered company Aye Finance functions in providing credit to MSMEs. It operates through its network of more than 40 branches and cloud based infrastructure.