India Dealbook: Innovaccer, ITILITE, Aye Finance secure fresh funding

Financial services firm Aye Finance has raised $10 million in debt funding from global impact investment manager, responsAbility and Northern Arc, said a report in The Economic Times.

The investment, which was made through the issuance of non-convertible debentures, will help the company to strengthen its lending portfolio and offer affordable business loans to a larger number of micro-enterprises in India.

In December last year, Aye Finance announced raising $2.8 million through non-convertible debentures in a deal syndicated by Northern Arc Capital.

The venture is equity funded by four venture capital funds – CapitalG, Accion International, SAIF Partners and LGT. Last year it also raised Rs 70 crore in debt from Swiss impact investor BlueOrchard.

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