Fintech lender Aye Finance Thursday announced that it has raised $10 million in the form of external commercial borrowings (ECBs) from Zurich-based responsAbility Investments AG.
Aye plans to use the proceeds to offer business loans to microenterprises to support their growth, it said in a statement.
“We are currently witnessing a surge in credit applications from the microenterprise sector as businesses are being rebuilt post the disruptions caused by the pandemic. The support we are receiving from global impact leaders like responsAbility allows us to continue in our mission of transforming microenterprise lending in India by providing entrepreneurs customised business loans at affordable prices,” said Sanjay Sharma, MD and founder of Aye Finance.
Founded in 2014, Aye Finance provides unsecured small-ticket business loans to microenterprises. Other investors in the company include CapitalG, Elevation Capital, Light Rock, Alpha Wave, A91 Partners, and MAJ Invest.
INDIA DEAL MONITOR
Here are the prominent venture capital transactions in India announced from November 29-December 1, 2022.
