ImpactAlpha, November 27 – Aye Finance, a Gurgaon-based small business lender, has raised 700 million rupees ($9.9 million) from the Zurich-based microfinance investor BlueOrchard.
Aye Finance, which has a presence across 100 Indian cities, will use the fresh capital to expand lending to more rural areas. Aye wants to close the year with a loan book of 9 billion rupees. As of July, the four-year-old company had a loan book of 8.5 billion rupees and 60,000 small business customers.
Aye Finance’s newest debt round follows a $10 million debt raise backed by MicroVest and Triple Jump in July. Inc42 reports that the State Bank of India also invested in Aye’s July debt round.
The company closed a Series C equity round, led by Alphabet’s venture arm CapitalG, in June.
