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

Photo ID-10052911

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.

“Aye Finance’s new-age mobile and cloud computing model cuts operational costs and ultimately allows more of the tens of millions of micro enterprises throughout India to find the financing that they need. Our loyal and growing customer base underscores the need for this service, and the continued growth of India’s industrial segment will ensure the long-term demand for responsible, affordable financing,” said Sanjay Sharma, managing director of Aye Finance.

Aye Finance, which is operational in North India, has already raised debt funds from a diversified group of top tier funding organizations like IFMR, Intellegrow, MAS Financial Services and a number of banks.

Both Accion and SAIF Partners will assist Aye Finance strengthen its existing operating base by refining its underwriting processes and risk analysis, improving data analytics, assisting with product development, and encouraging broader industry engagement.

“We must find more efficient ways to provide Indian small businesses with the capital they need to grow. If we succeed, we can help entrepreneurs launch, sustain and expand their businesses. Aye Finance’s industry cluster approach is an exciting innovation that can help open up great opportunity for those small businesses unlikely to get bank financing,” said Accion President and CEO Michael Schlein.

In its second year of operations, Aye Finance has expanded to 16 cities across northern India and plans to continue expanding in the coming year.

Also Read: India: Online lending platform KountMoney raises seed from Ashish Goenka, others

 IndiaLends secures $1m funding from DSG Consumer Partners, others

Loanbaba receives angel funding

Image Credit: Freedigitalphotos.net

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.