Aye Finance empowers 100,000 Indian Micro Businesses
Bengaluru, 2019: Aye Finance, fintech lender backed by CapitalG (previously called Google Capital) announced that it has provided working capital loans to over 100,000 micro businesses. Such transformative loans, using innovative cluster based underwriting, are enabling the growth and resilience in the micro enterprises. There are over 57 million micro and small enterprises in India that are unable to prosper due to a funding shortfall of over Rs 16 trillion. By providing inclusive finance at an affordable price to the ‘missing middle’, Aye Finance is successfully solving the problem that was historically considered intractable in India.
Commenting on this milestone achievement, Sanjay Sharma, MD and Founder of Aye Finance said, “Micro enterprises are at the bottom of the MSME hierarchy of businesses and our mission is to raise this financially excluded sector by bringing it into the folds of organized finance. Today having brought 100,000 grassroots businesses in to the folds of the formal economy, we have come closer to achieving that vision and it has further strengthened our resolve to improve financial inclusion in India. When the micro entrepreneur prospers, his employees also gain a stable source of employment & growth in their wages, which results in the overall development of the community at large.”
Aye, founded in 2014 by Sanjay Sharma and Vikram Jetley, deploys data sciences to compute and process huge data-sets derived from industry-clusters, behavioural science and psychometrics to reach out and service the credit-starved enterprises, while maintaining the quality of its portfolio. The lender has a Pan-India presence, with 104 branches spread across 11 Indian states. In addition to affordable credit solutions, Aye has also developed a digital bookkeeping and advisory App to help micro businesses across India manage their businesses more efficiently. With the launch of the digital book keeping app the fintech lender is further empowering micro entrepreneurs, who are not technology savvy, to actively adapt to newer trends and become part of the digital revolution.