Fintech startup Aye Finance has successfully managed to raise Rs 147 crore (USD 21.5 million) from Capital G (previously known as Google Capital). This was series C funding round for the Gurgaon based startup that saw participation from existing investors like SAIF Partners and LGT.
Aye Finance said that it will channelize these funds towards business expansion and for maintaining upward curve towards financial technology.
Sanjay Sharma, Founder & Managing Director of Aye, stated that the company is very excited about its new formed partnership with Capital G, which is an investment arm of Alphabet INC (parent company of Google. Mr. Sharma expressed confidence that Google’s rich experience in scaling business via analytics and tech support will firmly supplement company’s growth.
Incorporated in 2014 by two experienced bankers – Sanjay Sharma and Vikram Jetley – Aye Finance is part of the ongoing revolution spread-headed by Fintech startups that are striving to address the credit needs of microenterprises and small companies. The massive credit needs of these small companies have been largely left unattained by the formal banking sector.
Aye Finance claims that it has so far sanctioned more than Rs 60,000 loans to small and microenterprises and has helped them to expand their business further. The startup has formidable presence across the country, with nearly 72 branches spread across as many as 10 states.
The new age Fintech startups like Aye Finance are immensely benefitting from massive growth of smartphones and internet penetration. Thanks to this massive improvement in technology, today small companies as well as independent entrepreneurs can quickly access credits after few press of a button.
Besides, growth of breakthrough technologies like artificial intelligence and machine learning is also help Fintech startups in keeping their operational cost low.