BlueOrchard, a Swiss impact investor contributes Rs 87 crore to Aye Finance
- ByStartupStory | November 18, 2022
Aye Finance, a fintech lender, raised approximately Rs 87 crore ($10.7 million) in debt on Wednesday from BlueOrchard, a Swiss impact investor who has been funding the business since May 2017. According to a press release from the company, which is backed by companies like Google’s venture capital arm CapitalG, it intends to use these funds to offer affordable and personalised credit solutions to businesses in India. The tier-II and higher cities will likely be the lending focus.
In order to bring more micro businesses into the formal economy, we will keep growing our geographic footprint. In order to improve women’s access to credit and aid them in overcoming prejudices they have encountered when seeking funding for their businesses, we are also collaborating with the World Bank to design a credit product specifically for women microentrepreneurs, the company said. According to a statement from the lender, it has now raised 700 crore rupees in debt, surpassing its goal of 1,500 crore for the fiscal year (FY) 23.
Symbiotics Investments, a market access platform based in Geneva, provided Aye Finance with debt financing totaling about Rs 65 crore in September of this year. It received debt financing in the amount of about Rs 75 crore from Triple Jump BV and Northern Arc in March. Equity investors such as Elevation Capital, Falcon Edge, A91 Partners, LGT, and MAJ Invest are also supporting the lender. Aye Finance, a platform based in Gurugram that was established in 2014, offers business loans to small and micro businesses throughout India. It claims to have implemented cutting-edge machine learning (ML) and artificial intelligence (AI) solutions in the majority of its crucial business processes. BlueOrchard is a global impact investment manager with a focus on creating impact for communities and the environment. It was founded in 2001 on a United Nations initiative. It provides impact investment options for investors in emerging and frontier markets across all asset classes.
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