Aye Finance bags $27.5mn in round led by Alphabet’s growth fund
With this fresh investment, Aye’s total equity funding since inception exceeds $91.27 million.
Gurugram based digital lending platform Aye Finance raised $27.5 million in Series E round of funding led by CapitalG, Alphabet’s independent growth fund. The funding round also saw participation from the company’s existing investors LGT Lightstone, Falcon Edge Capital, A91 Partners and MAJ Invest.
With this fresh investment, Aye’s total equity funding since inception exceeds $91.27 million.With this fresh investment, Aye’s total equity funding since inception exceeds $91.27 million.
Aye Finance caters to small businesses that need working capital but find it challenging to secure that from traditional lenders, such as banks. The start-up said it had disbursed nearly $400 million to these businesses over the years.
Sanjay Sharma, Managing Director, Aye Finance, said: “Difficult times are a true test of a good lender and we have already started showing significant improvements in the customer repayments in the past months. What has worked in our favour is that we have met our targets in the last few years and our investors have recognised that.”
“As an organisation we have robust methods and automation in place… These are some traits which have endeared us to our investors. In fact, they got together and raised more money than we had asked for; with up to $6.61 million as buffer capital,” he added.