MSME Lender Aye Finance Reports Q1 FY24 Profit of Rs 38.67 Crore, Highlights Strong Growth
- ByStartupStory | August 24, 2023
Aye Finance, a leading lender in the micro, small, and medium enterprises (MSME) sector, has announced a profit after tax (PAT) of Rs 38.67 Crore in the first quarter of the financial year 2023-24 (Q1 FY24). This achievement reflects the company’s commitment to driving economic growth and making a meaningful impact on the micro-enterprise landscape.
In the preceding financial year, Aye Finance had generated a profit of Rs 60 crore, showcasing its consistent growth trajectory and financial stability. The impressive financial results for Q1 FY24 establish Aye Finance as a key player in the micro-enterprise lending sector.
Sanjay Sharma, Founder and Managing Director of Aye Finance, emphasized the company’s dedication to its mission: “Aye Finance’s performance in Q1 is a reflection of our unwavering commitment to driving both economic growth and meaningful change. Our innovative approach, coupled with responsible lending practices and efficient processes across all verticals, continues to fuel our success in serving micro enterprises.”
Aye Finance’s unique business model, focusing on offering unsecured small-ticket business loans to micro-enterprises, has contributed to its substantial gains. The lender’s success is attributed to its responsible lending practices and efficient operational strategies.
Founded in 2014, Aye Finance has rapidly become a prominent player in the micro-enterprise lending space. The company’s remarkable growth is further bolstered by its strong backing from notable investors, including CapitalG, Elevation Capital, Light Rock, Alpha Wave, A91 Partners, and MAJ Invest.
The company’s strategic approach to funding was demonstrated in December 2022 when it secured $10 million in External Commercial Borrowings (ECB) from Swiss-based responsAbility Investments AG. This funding injection aimed to expand Aye Finance’s capacity to provide business loans to micro-enterprises, further fostering economic growth at the grassroots level.
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