Aye Finance announces disbursal of Rs 200 cr in loans to 18K MSMEs since 2014

New Delhi, June 6 (KNN)  Aye Finance, financing company providing loans to micro, small and medium enterprises (MSMEs) across India, announced disbursal of  Rs. 200 crore in loans to 18,000 MSMEs across the country since its inception in 2014.

Aye Finance was founded by bankers Sanjay Sharma and Vikram Jaitley with an aim to transform micro and small enterprise financing in India.  The company continues to chart an exciting growth path in this under banked segment while maintaining a high benchmark for credit quality.

The company uses modern workflow automation along with a small but engaged workforce in order to bridge the gap between MSMEs and organized lending.

It is equity-funded by three reputed funders - global non-profit and financial inclusion pioneer Accion, SAIF Partners and LGT Impact ventures. It also has over a dozen debt providers, including India's largest PSU Bank, SBI.

Headquartered in Gurgaon, Aye has 38 branches and a team size of almost 600 employees. As a Non-Banking Financial Company, Aye Finance is proud to make business loans against mortgage or simple hypothecation accessible to India's thriving and underserved MSME sector.

"Providing support to a micro scale business at the bottom of the pyramid is a qualitatively superior channel of creating social uplift, and when micro enterprises progress, they have a multiplier effect - creating jobs, improving education of children, better health and safety awareness, and better nutrition, etc. We at Aye are passionate about solving the challenges of funding MSMEs and enabling their inclusion into the mainstream of the economy," said Managing Director and co-founder of Aye Finance, Sanjay Sharma.

"Year 2017 will be a pivotal year for Aye and we have a bold expansion plan of growing our loan book to Rs. 400 crore plus. This will be actualized through the additional 40 branches we will open during the year and by leveraging advanced analytics and artificial intelligence to optimize credit risk analysis with the help of Accion's Global Advisory Solutions (GLAS) team," added Sanjay.