Aye Finance on Tuesday announced it raised $30 million in debt funding from FMO, the Dutch entrepreneurial development bank.
The proceeds from this funding, around Rs 250 crore in local currency, will be used to further Aye’s mission of financial inclusion by extending loans to underserved micro small and medium enterprises across India.
“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,” Aye’s chief financial officer Krishan Gopal said.
FMO is the Dutch entrepreneurial development bank, with a mission to empower entrepreneurs to build a better world. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs.
Aye’s net profit in FY24 grew nearly three-fold at Rs 161 crore while revenue was 67% higher at Rs 1072 crores as compared to the numbers in the preceding fiscal.
