New Delhi, Mar 9 (KNN) Micro, Small and Medium Enterprises (MSME) lender Aye Finance has raised Rs 233.62 crore from various investors, led by US-based investment firm Falcon Edge Capital.

The fresh funding will be utilized to drive business growth and develop its financial technology and data mining, the release said.

The firm, which was incepted about five years ago, has serviced over 1.20 lakh micro enterprises and has a loan book of over Rs 10 billion, it said.

Our enhanced focus on machine learning has benefited from the mentorship of Google Launchpad programme and this has enhanced our ability to create a transformative change for the excluded micro enterprises," Aye Finance Managing Director Sanjay Sharma said.

“The funds from this round will help us continue the strong growth in lending to micro enterprises across India,” Sharma said.

He added, “In the coming year, we will make our services to our clients go beyond finance, and this will support our vision for holistic impact, which will power the growth of micro enterprises.”

“Since our investment eight months ago, Aye has almost doubled its book and proven its ability to scale branches profitably,” said Kaushik Anand, Head of India Investments at CapitalG.

Existing investors CapitalG, LGT and MAJ Invest also participated in this series D equity round, the company said in a release. (KNN/JM)