[Funding alert] Aye Finance raises Rs 75 Cr debt from Triple Jump, Northern Arc
With this fresh infusion of funds, the lender aims to make credit a reality for the underserved segment of micro enterprises, stated the company release.
Thursday March 24, 2022,
2 min Read
, a MSME lending platform, has announced that it has raised a debt round of Rs 75 crore from leading global impact investment manager, Triple Jump BV, and Northern Arc — a diversified non-banking finance company (NBFC) focused on underserved households and businesses. Aye Finance will use these funds for on-lending.
The CapitalG-backed lender was founded in 2014, and has since disbursed over Rs 5,000 crore to over 3.5 lakh micro enterprises. Aye recently announced the opening of 100 new centres which took its geographical presence to 311 in 20 states. With this fresh infusion of funds, the lender aims to make credit available for the underserved segment of micro enterprises.
Commenting on the latest fund raise, Sanjay Sharma, Managing Director, Aye Finance said,
“This fund raise underscores the trust the investor community has in our model and in our ability to achieve our mission of easing access for the grassroots businesses to affordable and customised credit solutions”
Jarri Jung, Director Financial Institutions at Triple Jump, stated, “Triple Jump has funded Aye Finance since 2018. We are happy to further expand our relationship through this joint transaction with Northern Arc. Over the years, Aye Finance has made a tremendous impact for MSME’s in India that have difficulties obtaining funding. Triple Jump is proud to have partnered with Aye Finance and is looking forward to continuing to support the company in its mission”
“Northern Arc Capital strongly believes that bridging the huge credit requirement of the MSME sector especially as they rebuild from the impact of the COVID-19 pandemic is essential to drive economic growth across the country. Aye Finance has played a pivotal role in funding MSMEs and ensuring last mile delivery of financial services. We are pleased to support Aye Finance in this phase of growth, cementing a long and fruitful partnership,” added Bama Balakrishnan, COO, Northern Arc Capital.
Edited by Kanishk Singh