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Aye Finance raises $3.8 million to ramp up lending to underbanked businesses in India

Inclusive Economy

Aye Finance operates 72 lending branches in 10 Indian states

The team at AYE Capital | PC: YourStory

The company, based in Gurugram, India, uses alternative metrics, including non-financial ones, to assess creditworthiness for businesses that are overlooked or rejected by mainstream lenders.

Aye Finance operates 72 lending branches in 10 Indian states and has issued $77.4 million in loans to 40,000 businesses, Inc24 reports, and hopes to reach $93 million by year-end.

The latest round was raised from Hinduja Leyland Finance, IntelleGrow and an unidentified investor by securitizing part of its loan portfolio.

Last year Aye raised $8 million from Blue Orchard and an additional $1.5 million in its first securitization deal.

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