Aye Finance, a Gurgaon, India-based provider of financial services to micro and small businesses, secured $21.5m in Series C funding.
Backers included CapitalG, SAIF Partners and LFT.
The company intends to use the funds to accelerate business growth.
Started in March 2014 by two seasoned bankers – Sanjay Sharma and Vikram Jetley, AYE Finance is a non-banking financial company providing innovative working capital and business development loans to underserved micro and small enterprises using a proprietary underwriting methodology. Its operations are spread across 72 branches in 10 states.
In the first 4 years, the company has deployed over 60,000 loans to micro enterprise owners across India and enabled them to grow their businesses.