Aye Finance has raised Rs. 233 Crore in series D funding round.
The company has 110 branches in 11 states across India.
Aye Finance provides financial services to micro and small businesses.
New York-based huge fund, Falcon Edge led the funding round.
In the present era of innovation where astounding technological reformations are coming live in action day by day in the same pace startups based on new ideas and smart techniques are emerging in the market. Investors are taking great interest in raising funds for these startups to assist them as a helping hand in the success of theirs. In the same row Aye Finance, a financial service provider has raised Rs. 233 Crore in series D funding round.
Aye Finance was rooted by Vikram Jetley and Sanjay Sharma in 2014 and it provides financial services to micro and small businesses. It has spread its herculean business with 110 branches in 11 states across India and it claims to have disbursed over Rs 1,250 Cr to 100,000 customers. Aye Finance is continuously enhancing its business and becoming an example for others in both equity and shares along with lending money to MSME firms.
With the closing of this Series D round of funding the company has raised a total Rs. 960 crore since its inception in 2014. It has always been successfully attracting investors with its previous work outputs. It has raised $22 million in previous series C round of funding led by Capital G. It attracted several giant investors in Series D funding round. This round was led by a New York-based hudge fund, Falcon Edge. It put in Rs 155.53 crore for 36.4 lakh equity shares at a price of Rs 426.7 each in the funding round. Existing investors also took interest in Series D funding round. LGT Capital and MAJ Invest infused Rs 29.2 crore and Rs 15.57 crore respectively and Capital G invested Rs 33.32 crore.
In the move to raise huge funds, the firm was in talks with the aforementioned investors in October last year to raise approx Rs 300 crore at a valuation of Rs 500 crore. Apart from massive fundraising from equity financing round the company is successful in raising Rs. 20 crore in debt from Karvy capital.
Company’s profit track record has always been a center of attraction for investors. As per the company’s financial statement, it has been profitable in FY 2018. The revenue for the fiscal year took a 3.1X uplift to Rs 82.23 crore from Rs 26.16 crore in FY17 and the expenses dropped down by 2.4X from Rs 33.35 crore to R79.92 crore. These two factors assisted the company turns its Rs 7.19 crore worth loss in FY17 to an Rs 2.3 crore profit in FY18.
Stay connected with us for all the latest updates!
- The impact of COVID-19 on the life of people who make the latest styled clothes - August 17, 2020
- Are Data Science, Data Analytics, Artificial Intelligence & Machine Learning running the engine of the Aarogya Setu app? - April 28, 2020
- Table Reservation Venture, EazyDiner raises $5.9 million in Series B funding round - April 24, 2020