Gurgaon based startup Aye Finance who provide loans to small business has raised $21.5 million in Series C round by Google’s CapitalG, this is a funding branch of Google said LiveMint.
Many investors have shown their participation like SAIF Partners and LGT, who invested $10.5 million in year 2016.
Aye Finance is going to use the raised amount in improving the infrastructure and operation of the company. This startup has raised the total amount of $68.4 million from ten different rounds of funding till now.
Aye Finance is a non- banking financial company (NBFC) founded by Sanjay Sharma and Vikram Jetley in the year 2014. The startup facilitates contract, hypothecation, and all sort of loans to micro, small and medium enterprises (MSMEs). They are having 62 branches in 10 states of India.
Aye Finance gives loan to small business in India who are not in the category of taking loan from banks and following the traditional methods for finance,they are not like Flipkart or Amazon.
Aye Finance till now has distributed to 60,000 MSMEs more than 500 crores, they also stated to have 350 crore assets as management.
Sanjay Sharma the founder of Aye Finance said in a statement “CapitalG of Google have the master in knowing how and why this startup should encourage, the technology and approach that intend to give financial support to all MSMEs across India”.
In a statement the India head of CapitalG, Kaushik Anand MSMEs are the real support to country’s GDP growth, these small businesses should be given suitable infrastructure to flourish.
In past few years, Aye Finance has been helping to give basic backbone to small business by credits and proved themselves that they are working for the benefit of MSMEs. We are excited and looking forward to work with Aye to empower the MSMEs by credits added Anand.
Talking about CapitalG’s investment in India Aye Finance is the second investment. Its first investment was in January 2017 a Bangalore based startup. This startup is about learning maths after school named Cuemath and CapitalG invested $15 million. Before this when CapitalG was Google Capital, it invested in India’s first teeth- tech startup Practo.
Alphabet has three most important investors who keep on investing in startups, these are Googleplex, Gradient Ventures, CapitalG which emphasis mainly on artificial intelligence to get profit instantly.