AYE FINANCE ON A RAPID EXPANSION SPREE IN SOUTH: OPENS 19 NEW BRANCHES

In just over a year Aye Finance disbursed loans over Rs. 25 crores, aiming to disburse Rs. 150 crores for the FY18 in the South zone alone
Bangalore, Sept 13th 2017: Lack of adequate and timely finance is the primary reason limiting the growth of the MSME Sector in the developing economies and in India, which has close to 58 million MSMEs.  This has been a major deterrent for the sector and therefore not being able to unleash its true potential. 
Aye Finance, a new age finance company founded in 2014, has been successfully addressing this issue by providing a suite of lending options tailor made to match the unique needs of this sector. It had financed over 15,000 micro and small businesses and had a loan book of over INR 130 crores as of March 2017.
To expand its reach and allow the financial inclusion of a larger number of MSMEs, Aye has opened 19 new branches in the states of Karnataka, Tamil Nadu and Andhra Pradesh in the first four months of this FY.  This takes Aye’s branches in South up to 22 and Pan India to 72.
Aye lends to micro and small-scale manufacturing, trading, and services businesses that cannot access capital from mainstream financial institutions as they lack sufficient documentation and often have no prior credit history.  Aye deploys data science methods to work around this obstacle and uses insights about the industry clusters.  These insights coupled with advanced analytics and behavioral tools have enabled Aye to identify creditworthy clients and disburse loans more quickly and at affordable rates.
Through these new branches, Aye will offer a line of credit to the micro and small businesses operating in power loom, wood and wood based furniture, readymade garment , textiles, wooden toys and handicrafts, pickle / jelly manufacturing, leather goods, stainless steel/ brass ware, light engineering, and metal based fabrication clusters of these three states.
Mr. Bala Murali B.N , Business Head, South, Aye Finance said “There is a huge untapped market in the Micro and Small Businesses space which we are targeting by providing timely and adequate credit to this largely under-served segment.  We provide Unsecured Loan up to Rs.3 lacs to the bottom of this pyramid and also have bigger ticket size products to cater to the middle and upper end of this sector.   We opened our first branch in Yelahanka in July 2016 and in just over a year we have disbursed loans over Rs. 25 crores. These 19 new branches will bolster our plans to close the book at Rs. 150 crores for the FY18 in the South zone alone.  The MSME sector plays a significant role in the economies of many developed nations with its contribution to the GDP being up to 70% while in India it is barely half of this.  We have got our focus right, with the ambition of scaling up the MSME’s contribution to the Indian GDP, which is also in line with the government’s “Make in India” initiative.”
About the assistance received from Aye Finance, Mr. Chowdaiah from Yelahanka added, “I own a silk-weaving manufacturing factory. Although the business is new and fragile, thanks to Aye Finance, I today have a disposable income for capital investment, debt repayments and to provide for 5 skilled workers employed in the factory. Aye Finance choosing to provide us with 1.5 lacs and mentorship has deeply motivated and empowered me to work hard and attain stable growth for the enterprise.”
Aye is equity-funded by three reputed Venture Capital Funds - Accion International, SAIF Partners and LGT Impact ventures. It has raised multiple rounds of debt from over a dozen providers, including India’s largest PSU Bank, SBI, and a leading global impact investment manager BlueOrchard.
With its consistent and organized efforts, Aye Finance aspires to be recognized as an admired enterprise in the country.
About Aye Finance   Incorporated in the year 2014, Aye Finance is a new age finance company providing business loans to the small and micro enterprises across India. Founded by Mr. Sanjay Sharma and Mr. Vikram Jetley, Aye Finance is headquartered in Gurgaon, spreading its services across 72 branches and employing over 450 employees. As a Non-Banking FinancialCompany, Aye Finance provides mortgage, hypothecation and term loan services accessible to India’s thriving and under-served MSME sector.   Aye Finance distinguishes itself by utilizing technology in mitigating the challenges faced by MSMEs in securing loans. By deploying a cloud-computing architecture and automating front-end (eCRM), Aye Finance is able to bring down the cost of delivery. It is part of Aye Finance’s vision to leverage technology prowess of today for improving the productivity of field force, detecting frauds, profiling risks and exercising dual control on processes.   With its consistent and well-organized efforts, Aye Finance aspires to be amongst the country's top NBFC catering to MSME Sector.   http://www.ayefin.com/