 "A number of non-banking financial companies (NBFCs) have tapped into the debt capital market ahead of the festival season to meet increasing credit demand as bank funding slows.")
The company operates a network of 478 branches across the country. Illustration: Ajay Mohanty
Aye Finance, a non-banking financial company (NBFC), raised $30 million on Friday in a Series G round led by Singapore’s ABC Impact, an impact investor backed by Temasek and Temasek Trust.
The latest round of funding comes eight months after the company raised $37 million in a Series F round. Cumulatively, the Gurugram-based company has raised $164 million since 2014, according to data from market intelligence platform Tracxn.
Aye Finance is a small-ticket lender in the micro, small, and medium enterprises (MSME) lending landscape, providing working capital loans to micro-enterprises.
The company operates a network of 478 branches across the country.
“We are delighted to partner with ABC Impact in this round and look forward to maximising impact. This capital infusion will enable us to scale our operations and enhance our ability to deliver value to our target segment of micro-enterprises,” said Sanjay Sharma, founder and managing director, Aye Finance.
This marks the first investment from ABC Impact Fund II, which has assets under management of over $850 million.
“We are encouraged by the team’s strong commitment to customer centricity, disciplined underwriting, and solid operational performance. Their focused use of technology has enabled scalable growth across the country, positioning them as a notable lender for their target segment,” said Sugandhi Matta, chief impact officer, ABC Impact.
ABC Impact was founded in 2019.
A division of Singapore-based global asset management firm Temasek Trust Asset Management, the fund focuses on solutions in financial and digital inclusion, health and education, climate and water solutions, and sustainable food and agriculture.
First Published: Sep 20 2024 | 2:48 PM IST
