India: Aye Finance secures $3m from Accion and SAIF Partners

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Aye Finance, which lends loans to micro and small businesses, has received nearly $3 million (Rs 20 crore) in funding from Accion, a global nonprofit organization that supports micro-finance institutions, and venture capital firm SAIF Partners, according to statement.

The funds will help the financial services startup provide India’s micro and small enterprises (MSMEs) with enhanced financial services. Currently, India’s MSME sector represents nearly 58 million businesses, creates 150 million jobs, and accounts for 45% of the country’s industrial output.

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