 "q1 results, earnings, companies, india inc, corporate")
Aye Finance, a fintech firm which mainly provides unsecured small-ticket business loans to micro enterprises, has reported a nearly four times increase in net profit to Rs 38.67 crore in the first quarter of the current fiscal.
The Gurugram-headquartered company had posted a net profit of Rs 9.78 crore during April-June 2022-23. Its profit during 2022-23 stood at Rs 60 crore.
The quarter's financial results have positioned Aye Finance as a frontrunner in the micro-enterprise lending domain, with its unique business model yielding substantial gains, it said in a release.
"Our innovative approach, coupled with responsible lending practices and efficient processes across all verticals, continues to fuel our success in serving micro enterprises," said Sanjay Sharma, founder and managing director, Aye Finance.
Incorporated in 2014, the fintech lender is backed by CapitalG, Elevation Capital, Light Rock, Alpha Wave, A91 Partners and MAJ Invest.
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