Aye Finance Raises Debt Funding Of INR 65 CroreThe fund raised will be used to further enhance its credit portfolio bringing a larger population of the underserved population of micro enterprises into the folds of organized lending

Aye Finance, a pan-India leader in MSME lending, has raised INR 65 crore debt from Symbiotics Investments, a Geneva-based market access platform for impact investing, dedicated to private markets in emerging and frontier economies. The fund raised will be used to further enhance its credit portfolio bringing a larger population of the underserved population of micro enterprises into the folds of organized lending.

"Aye has been making affordable loans a reality for the historically credit starved micro enterprises of India since 2014. We have addressed the credit requirements of this sector by customising our entire business model to the unique needs of this first-to-credit segment having small ticket loan requirements with no collateral to offer and limited tech experience. Symbiotics has been supporting us in our mission of fostering inclusive growth since 2017 and this enhanced partnership will help us reach out to a larger population of the traditionally excluded sector,"Sanjay Sharma, MD and founder, Aye Finance.

Aye has been a pioneer in developing AI and ML models to further eases the access of credit to this sector and has deployed advanced AI/ML solutions in most of its critical business processes. Through the use of innovative data models and technology supported by an engaged team that focuses untiringly on customer delight, Aye is working to live up to its vision of being the most admired financial institution in India, as per company statement.

"This social bond is a confirmation of Symbiotics Investments strategy to make sustainability, social and green bonds accessible to financial institutions active in emerging and frontier markets. In addition, the bond's proceeds will increase the access of funds to the missing middle MSME segment via the strong distribution network of Aye Finance. We are excited to be part of the growth of this segment of the MSME market and to continue supporting businesses in the post-pandemic recovery phase," saidPrashant Bhardwaj, regional manager South Asia at Symbiotics Investments.