New Delhi, July 24 (KNN) Aye Finance, a new age finance company providing business loans to micro and small businesses in India, has doubled its branches from 33 to 67, thereby more than doubling its footprint in the first quarter of the current financial year.
Aye has expanded its branch network in the eight states it was already present in, as well as launched operations in two new states - Madhya Pradesh and Andhra Pradesh, Aye Finance said in a statement.
Commenting on this development, Vikram Jetley, Executive Director, Aye Finance, said “Micro Enterprises are ignored by Banks and Finance Companies in India because traditional credit information on them is thin and cost of servicing these small ticket loans is high. Aye is enabling the financial inclusion of these micro enterprises having devised technically enabled processes to build credit insights through a variety of available business and behavioral data. This effective credit appraisal coupled with the use of modern workflow automation is helping Aye bridge the gap between the MSMEs and organized lending.”
Aye is equity-funded by three reputed Venture Capital Funds – global nonprofit and financial inclusion pioneer Accion, SAIF Partners and LGT Impact ventures. It also has over a dozen debt providers, including India’s largest PSU Bank, SBI.
Founded by Sanjay Sharma and Vikram Jetley, Aye Finance extends loans to small and medium sized business owners and provides a line of credit for both working capital and fixed capital requirements.
Aye opened its first branch in Delhi in the year 2014 and has been rapidly expanding every year and charting an exciting growth path in this under banked segment while maintaining a high benchmark for credit quality.
Aye has disbursed over Rs2000 mn in customer loans and enabled the inclusion of over 20,000 customers in the main stream of the economy. (KNN Bureau)