[Funding alert] Fintech startup Aye Finance raises Rs 55 Cr debt funding from DCB Bank
Financial technology startup Aye Finance on Tuesday said it has raised a debt funding of Rs 55 crore from DCB Bank to grow its loan book and credit solutions.
The company will use these funds to grow its loan book and offer affordable and customised credit solutions to the credit starved micro-enterprises in India.
Aye Finance has disbursed over Rs 2,000 crore loan in five years to over 1,25,000 under-served and under-banked grass root businesses. Its assets under management currently stand at Rs 1,200 crore.
Sanjay Sharma, Managing Director, Aye Finance said,
"The support we receive from our debt partners allows us to continue on our mission of providing inclusive finance to the micro-enterprise sector and power their growth. We look forward to further strengthening our relationship with DCB Bank."
Aye Finance is equity funded by CapitalG, SAIF Partners, Falcon Edge, Accion, LGT, and MAJ Invest. The company has raised over Rs 480 crore in equity and approximately Rs 1,100 crore through a variety of debt instruments since its inception.
Founded by Sanjay Sharma and Vikram Jetley in 2014, the company secured Rs 233.62 crore in a Series D equity round led by New York-based investment firm Falcon Edge Capital, in March 2019.
The Gurugram-based digital lender had received Rs 147 crore ($21.5 million) as a part of its Series C equity investment from CapitalG (formerly Google Capital), in June last year.
The deal was syndicated by Vivriti Capital, Aye Finance said in a statement.
Recently, debt-financing startup that facilitates SME lending, Indifi Technologies (also from Gurugram), raised Rs 145 crore in Series C funding.
Flipkart Co-founder Sachin Bansal also made a debt investment of Rs 50 crore in Mumbai-based digital lending platform Kissht through his second venture BAC Acquisitions, last week. According to a company spokesperson, Kissht is looking to close a Series D round worth Rs 350 crores in the coming months.