After already covering 22,000 pin codes in India, the leading MSME lender plans to expand to 10,000 additional pin codes by the end of FY 2021
Aye Finance, India’s leading MSME lender backed by Capital G, has announced its plans to expand its presence further in the country by the end of the FY21. While Aye already covers 22,000 pin codes located across the length and breadth of the country, the FinTech lender aims to add 10,000 more pin codes by the end of next financial year. Having disbursed loans to over 200,000 Indian MSMEs existing in 22,000 pin codes, the latest move will mark a new milestone in the immensely successful run that the company has witnessed.
Driven by a vision of making credit accessible to India’s growing MSME sector, the backbone of the country’s economy, Aye Finance has been dedicated to serving its cause and has an impressive growth story. Incepted in 2014, the company has, till date, disbursed loans worth over INR 2900 crores and with an Asset Book of over INR 1750 crores, the fintech lender is perfectly placed to embark on its next phase of growth.
Speaking on the expansion plans, Mr. Sanjay Sharma, MD and Founder of Aye Finance said, “India’s MSME landscape is growing and evolving rapidly, which means that their need for credit is also increasing. Aye was incepted with a vision to solve the credit woes of this sector and we have already serviced the credit needs of over two lacs micro enterprises in over 22,000 pin codes. Our expansion to these additional 10,000 pin codes will further support the growth of this critical sector, which has been contributing substantially to India’s GDP. .”
Aye has leveraged technology to bring efficiency in all its processes, which allows the fintech lender to service the small ticket loan requirements of the grassroots businesses. It has now deployed Artificial Intelligence and Machine Learning algorithms in its sourcing and collection processes to bring improved efficacies along with keeping a tight check on its asset quality. These focused efforts have resulted in Aye becoming profitable in the fourth year of its operation along with keeping its NPAs below 2%.
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