MSME lender Aye Finance raises fresh funding of Rs 234 cr

New Delhi: MSME lender Aye Finance on Friday said it has raised Rs 233.62 crore from various investors, led by US-based investment firm Falcon Edge Capital.

Existing investors CapitalG, LGT and MAJ Invest also participated in this series D equity round, the company said in a release. "The fresh funding will be utilised to drive business growth and develop its financial technology and data mining," it added. The firm, which was incepted about five years ago, has serviced over 1.20 lakh micro enterprises and has a loan book of over Rs 10 billion, it said.

"Our enhanced focus on machine learning has benefited from the mentorship of Google Launchpad programme and this has enhanced our ability to create a transformative change for the excluded micro enterprises," Aye Finance Managing Director Sanjay Sharma said.