CashNews.co
Aye Finance recently reported its financials for FY2023-24. The company claimed to have reached Rs 5000 crore in Assets Under Management (AUM) and 1 million loans disbursed. The company also announced the completion of Rs 212 crore [approximately $25.3 million] business loan securitization transaction with Goldman Sachs (India) Finance Private Limited, the NBFC arm of Goldman Sachs in India.The transaction will allow the continued expansion of Aye Finance’s lending operations to Micro Enterprises across India.
“MSMEs play a very important role in providing mass employment opportunities and also help in industrialization of the rural & backward areas. While most of the banks and financial institutions are not keen on financing the micro enterprises, it has been our focused endeavor to lend to this very large yet neglected sector of micro businesses through our cluster-based lending approach. This is a huge opportunity when we consider the 60 million owners of micro enterprises in India , that have been left un-serviced,” said Sanjay SharmaFounder and Managing Director, Aye Finance.
“A euphoric scenario would be a platform that could deliver credit decisions in minutes ” Sharma added. “But we are prudent to balance speed with compliance and due diligence. The result is a lending process that’s both swift and thorough, with data science models assessing the application in real-time and considering hundreds of variables.”
“MSMEs play a very important role in providing mass employment opportunities and also help in industrialization of the rural & backward areas. While most of the banks and financial institutions are not keen on financing the micro enterprises, it has been our focused endeavor to lend to this very large yet neglected sector of micro businesses through our cluster-based lending approach. This is a huge opportunity when we consider the 60 million owners of micro enterprises in India , that have been left un-serviced,” said Sanjay SharmaFounder and Managing Director, Aye Finance.
“A euphoric scenario would be a platform that could deliver credit decisions in minutes ” Sharma added. “But we are prudent to balance speed with compliance and due diligence. The result is a lending process that’s both swift and thorough, with data science models assessing the application in real-time and considering hundreds of variables.”