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MSME lender Aye Finance has reported a profit (PAT) of Rs 38.67 Crore in Q1 FY24, and has achieved profitability in the first quarter of fiscal year 2023-24.

In the last financial year, the company generated a profit of Rs 60 crore.

“Aye Finance’s performance in Q1 is a reflection of our unwavering commitment to driving both economic growth and meaningful change. Our innovative approach, coupled with responsible lending practices and efficient processes across all verticals, continues to fuel our success in serving micro enterprises,” said Sanjay Sharma, Founder and Managing Director, Aye Finance.

The quarter’s financial results have positioned Aye Finance as a frontrunner in the micro-enterprise lending domain with its unique business model yielding substantial gains, the company said in a statement.

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Founded in 2014, Aye provides unsecured small-ticket business loans to companies in the micro-enterprise segment. The lender is backed by CapitalG, Elevation Capital, Light Rock, Alpha Wave, A91 Partners, and MAJ Invest.

In December 2022, the company had last raised $10 million of ECB (External Commercial Borrowings) from Swiss-based responsAbility Investments AG. At the time, the company said it would use the funds to offer business loans to those in the microenterprise sector.