MSME lending platform-Aye Finance has raised a debt round of Rs 75 crore from Triple Jump BV and Northern Arc. Triple Jump BV is a leading global impact investment manager. Northern Arc is a diversified non-banking finance company (NBFC) focused on underserved households' business ideas.
Aye Finance is planning to utilize the fresh funds for the followings:
Sanjay Sharma, Managing Director, Aye Finance, said, “This fund raise underscores the trust the investor community has in our model and in our ability to achieve our mission of easing access for the grassroots businesses to affordable and customized credit solutions.”
“Northern Arc Capital strongly believes that bridging the huge credit requirement of the MSME sector especially as they rebuild from the impact of the COVID-19 pandemic is essential to drive economic growth across the country. Aye Finance has played a pivotal role in funding MSMEs and ensuring last mile delivery of financial services. We are pleased to support Aye Finance in this phase of growth, cementing a long and fruitful partnership,” added Bama Balakrishnan, COO, Northern Arc Capital.
Jarri Jung, Director Financial Institutions at Triple Jump, said, “Triple Jump has funded Aye Finance since 2018. We are happy to further expand our relationship through this joint transaction with Northern Arc. Over the years, Aye Finance has made a tremendous impact for MSME’s in India that have difficulties obtaining funding. Triple Jump is proud to have partnered with Aye Finance and is looking forward to continuing to support the company in its mission.”