MSME lending platform Aye Finance churns funding from SBI

New Delhi, May 10 (KNN) Gurugram based Aye Finance that caters the Micro, Small and Medium Enterprises (MSMEs) recently received sanctioned credit funding facilities of Rs 20 Crores from the State Bank of India.

Aye finance, one of India’s fastest growing Non-Banking Financial Company (NBFC) provides the MSMEs with funding by providing them access to short term loans.

Sanjay Sharma, MD of Aye finance said that the funding from SBI will enable his company to deliver more efficiently and will prove to be a great step towards financial inclusion of millions of businesses that operate on small scale in the country.

He also observed that despite huge potential the MSME sector in India remains under-served by most financial institutions. He added that the funds from SBI will help his company provide the MSMEs with the much needed credit to start and expand their industries.

Also last year, Aye finance secured equity funding worth 10 million dollars in a series B round led by LGT IV, SAIF Partners and Accion.

Aye finance operates through its 33 branches spread across the country with the recent ones being set in Modinagar and Hapur in Uttar Pradesh. The company also works through its online and cloud driven infrastructure. (KNN/ DA)