AYE FINANCE STRENGTHENS PRESENCE IN SOUTH, OPENS 8 NEW BRANCHES

Posted by: at 6/30/2017 02:39:00 am
AYE FINANCE STRENGTHENS PRESENCE IN SOUTH, OPENS 8 NEW BRANCHES


Aye Finance, one of India’s fastest growing finance company in the micro and small enterprise lending space having a loan book size nearing INR 200 crore and a customer base of 20,000, opened 8 additional branches in South on 29 June 2017. The new branches have opened in the cities of Vijayawada, Guntur, Kakinada and Rajahmudry in Andhra Pradesh, Gulbarga and Raichur in Karnataka and Salem and Erode in Tamil Nadu. Aye Finance now has 14 branches in the South to serve the micro and small businesses in Karnataka, Tamil Nadu and Andhra Pradesh

Aye is headquartered in Gurgaon and provides a line of credit to the micro and small scale businesses in 10 Indian states through its 60 branches

Aye lends to small-scale manufacturing, trading, and services businesses that cannot access capital from mainstream financial institutions in India as they lack sufficient documentation and often have no prior credit history. Aye deploys data science methods to work around this obstacle and uses insights about the industry clusters.  These insights coupled with advanced analytics and behavioral tools have enabled Aye to identify creditworthy clients and disburse loans more quickly and at affordable rates.

Led by seasoned bankers and finance professionals, the Company is developing a deep connect with the so far excluded community of micro enterprises. The businesses financed by loans from Aye Finance are in turn providing employment to over 1 Lakh households.

“Aye Finance is at the cusp of a strong phase of growth. To meet our ambitious targets for the year, we will be opening 40 additional branches all across India. We are committed towards transforming the micro and small scale financing, and these additional 8 branches in South will further our mission and allow us to reach out to a larger number of businesses and bridge the gap between MSMEs and organized lending” said Mr. Sanjay Sharma, Managing Director, Aye Finance.

Aye has been serving the micro and small enterprises in India since 2014 by making a ground level connect with the sector and offering customized and innovative financial products. It is equity funded by three reputed investors - Accion International, SAIF Partners and LGT Impact ventures. It has raised multiple rounds of debt from over a dozen providers, including India’s largest PSU Bank, SBI, to extend finance to MSME business.-


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