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MSME lender Aye Finance has secured Rs 250 crore (around $30 million) in debt funding from Dutch entrepreneurial development bank FMO.

“Our association with FMO dates back to 2019 and through our collaborative efforts, we have been making affordable credit a reality for the ignored segment of micro-enterprises in India,” Krishan Gopal, CFO, Aye Finance, said.

“This latest funding from FMO will be instrumental in allowing us to rapidly scale our lending efforts and include the grassroots businesses, that form the backbone of the Indian economy, into the folds of organized lending,” Gopal added.

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Aye Finance’s net profit grows 2.8X to Rs 161 Cr in FY24

Earlier in March, the Gurugram-based non-banking financial company had secured 15 million euros ($16.2 million) in debt funding, or approximately Rs 137 crore, from German impact investor Invest in Vision’s private funds, including IIV Mikrofinanzfonds.

Aye Finance saw its profit after tax (PAT) nearly triple to Rs 161 crore in FY2023-24, from Rs 57 crore in the previous fiscal year.

The Gurugram-headquartered company had achieved profitability in Q1 FY24 with a PAT of Rs 38.67 crore.

Founded in 2014 by ex-Ujjivan Finance operators Sanjay Sharma and Vikram Jetley, Aye Finance has disbursed over Rs 12,000 crore in small-ticket loans to over nine lakh businesses.