Aye Finance raises Rs 180 crore

Fintech lender Aye Finance on Tuesday said it has raised Rs 180 crore from various lenders in the past fortnight.

The company said the money will be used to give credit to these needy businesses during this tough time.

Aye has managed to raise these funds at a time when globally, economic activities have come to a standstill due to the pandemic outbreak.

As India is undergoing the 21-day lockdown period, routine commerce and financial activities across businesses in India, including micro, small and medium enterprises, have been disrupted, it said.

"Aye has offered a moratorium to its customers, which are the bottom of the pyramid businesses, as per the RBI notification...to support them during this difficult period, " it added.

Aye Finance Managing Director Sanjay Sharma said, "This fresh round of funds we have raised will be used to address the credit requirements of the micro enterprises to support them during this financial crisis."