New Delhi, Nov 8 (KNN) Non-Banking Financial Company (NBFC) Aye Finance has raised Rs. 32 crores in debt fund from the Geneva based development finance institution, Symbiotics Group. The company will use the fresh funds to provide easy and affordable loans to Micro, Small and Medium Enterprises (MSMEs), a release from the company informed.

Aye Finance has raised approximately Rs. 200 crores in the current financial year so far which is 100 crore short of its plan of raising 300 crores in 2017-18.

Thanking Symbiotics Group for its support, Founder and MD of Aye Finance Sanjay Sharma said that fundraising has been  in accordance with the expansion drive that is counterbalanced by a high credit quality of the portfolio the and fund would assist the company to expand the business in the tier II and beyond cities.

The company has over a dozen debt providers including India’s largest PSU bank State Bank of India (SBI) with its equity being funded by three reputed funders, global non-profit and financial inclusion pioneer Accion, SAIF Partners, and LGT Impact.

With the latest cloud and mobile technology coupled with data analytics the company had been successful in providing the loans to small MSMEs at low cost.

The company aims to become pioneer in MSME lending  in India. (KNN/AG)