India-based business lender Aye Finance has raised Rs 2.1bn ($27.7m) in series E funding from investors including internet technology conglomerate Alphabet’s growth equity subsidiary, CapitalG, Financial Express reported yesterday.
Impact investment firm LGT Lightstone, hedge fund manager Falcon Edge Capital, venture capital fund A91 Partners and asset manager MAJ Invest also participated in the round.
Aye Finance operates an online platform that extends microloans to small businesses in India, and has so far loaned capital to more than 3,000 companies.
The company closed a $33.3m series D round in March 2019 led by Falcon Edge and backed by CapitalG, LGT Lightstone and MAJ Invest. It came in the wake of CapitalG leading a $21.5m series C round in mid-2018 that included LGT and SAIF Partners.
SAIF Partners and Accion had supplied an undisclosed amount for Aye Finance in 2015 and added $3m later the same year before joining LGT in a $10.3m series B round the following year.
