Aye Finance on Wednesday announced receiving of Rs. 20 crore from State Bank of India for on-lending and getting approvals for sanctioned credit facilities.
The funds received by the company will be used to reach out to micro and small enterprises for lending and making their business grow.
"Funds from SBI will allow us to reach out to many more micro and small enterprises and provide them with the much-required line of credit for getting started and growing their businesses," said co-founder and MD Aye Finance, Sanjay Sharma.
"With our high credit quality, we anticipate receiving further support from different banks and government institutions in our cause of financial inclusion," Sharma added.
Founded in the year 2014 by Sanjay Sharma and Vikram Jetley, Aye Finance prides itself in making the last-mile connect with micro and small sized business owners through its elaborate network of 33 branches spread across the country.
It provides line of credit for both working capital and fixed capital requirements.
Earlier in November 2016, Aye Finance received equity funding worth USD 10 million (Rs. 70 crore) in a Series B round led by LGT IV, SAIF Partners and Accion.
Disclaimer: No Business Standard Journalist was involved in creation of this content