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SAIF Partners-backed Aye Finance raises $8 mn via debt securitisation
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Non-banking financial company Aye Finance Pvt. Ltd has raised Rs 55 crore ($8 million at current exchange rates) from Maharashtra-based DCB Bank through a securitisation deal.

The company will use the funds to grow its loan book and offer affordable and customised credit solutions to micro enterprises in India, it said in a statement on Wednesday.

The deal was syndicated by Vivriti Capital, which runs an online platform for institutional debt in India.

Aye Finance managing director Sanjay Sharma said the company was looking forward to strengthening its relationship with DCB Bank.

Separately, Vivriti Capital founder and managing director Gaurav Kumar said Aye had emerged as one of the leading players in the small business financing space. “The deal validates the fact that high quality originators across asset classes continue to have the backing of debt markets,” he added.

Earlier in January, Aye raised $10 million (Rs 71 crore) in debt funding from Swiss asset manager responsAbility Investments AG and homegrown firm Northern Arc Capital.

In June 2018, VCCircle reported that Aye Finance had raised Rs 147 crore (around $21.5 million) in a Series C round of funding from CapitalG, SAIF and LGT Impact Ventures to grow its business.

Gurugram-based Aye Finance was incorporated in 2014, and provides working capital and business development loans to micro and small enterprises.

Aye has disbursed over Rs 2,000 crore to over 1.25 lakh grassroots businesses. Its current assets under management stands at Rs 1,200 crore, according to ratings firm ICRA.  

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