Financial technology firm Aye Finance on Wednesday said it has raised Rs 210 crore in Series-E round led by CapitalG, Alphabet''s independent growth fund and existing investors.
The existing investors that participated in the funding round were LGT Lightstone, Falcon Edge, A91 Partners and MAJ Invest, the company said in a statement.
"Closing a major funding round during these times of economic uncertainty reinforces the value that our investors see in Aye Finance. This equity investment will further add to liquidity that will enable us to emerge strong from the COVID-19 crisis," Aye Finance Managing Director Sanjay Sharma said in the statement.
Since its inception in 2014, Aye has disbursed Rs 3,000 crore, transforming the micro-enterprise lending landscape and brought over two lakh unorganised businesses into the formal lending ecosystem.
"With this fresh investment, Aye''s total equity funding since inception exceeds Rs 690 crore," the statement said.
Despite the disruptions brought on by the onset of COVID-19 that adversely affected the MSME sector, Aye Finance said it has recorded improving operating ratios in the first quarter of the financial year 2020-21.
"Aye Finance''s continued success is a testament to their industry leadership, their underwriting methodology, which combines an optimal mix of data science with physical presence in the field, and their ability to empower a huge, unaddressed market," Sumiran Das, board member and partner at CapitalG, said.
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