India Digest: Aye Finance, Alma Mater raise funds; Steadview eyes BharatPe

Photo: Mint

In the startups space, Aye Finance has raised debt funding of Rs 55 crore (about 8 million) from DCB Bank while Alma Mater Store has raised funding from Harminder Sahni. In another development, Steadview Capital is likely to join BharatPe’s ongoing funding round.

Aye Finance gets debt funding from DCB Bank

Indian financial services firm Aye Finance Tuesday announced it has raised a debt funding of Rs 55 crore (about 8 million) from DCB Bank via a securitisation deal to grow its loan book and credit solutions.

“Aye will use these funds to grow its loan book and offer affordable and customised credit solutions to the credit starved micro-enterprises in India,” PTI reported quoting a company statement.

Aye Finance, which also counts CapitalG, SAIF Partners and Falcon Edge among its list of backers, has disbursed over Rs 2,000 crore loan in five years to over 1,25,000 under-served and under-banked grass root businesses. Its assets under management currently stand at Rs 1,200 crore.

Harminder Sahni backs Alma Mater Store

Alma Mater Store, a Bengaluru-based customised apparel brand, has raised funding of $200,000 from Harminder Sahni, founder and Managing Director of Wazir Advisors.

The funds will be used for expansion and investing in new technology, it said in a statement.

“Customisation is the future of every consumer business and online is the channel’s future. Being the pioneer in their field, Alma Mater Store is ready to take up new challenges and we are delighted to be associated with them,” Sahni said.

Steadview likely to join BharatPe’s ongoing funding

Hong Kong-based hedge fund Steadview Capital is likely to join BharatPe’s ongoing $75-million funding round, The Economic Times reported.

A few recent media reports, however, said that BharatPe could raise as much as $100 million in the ongoing round. US-based fintech-focused investor Ribbit Capital has already emerged as another new investor, and may also lead the round.

BharatPe, a QR code payments app for offline merchants, garnered as much as $15 million in a Series A funding round from Sequoia Capital India, Beenext and Insight partners in April.