Googles investment arm backs Indian startup Aye Finance

Wednesday 20 June 2018 14:05 CET | News

CapitalG, an investment arm of Google\s parent company Alphabet, has invested in MSME Lending Startup Aye Finance.

India-based non-banking financial company Aye Finance raised INR 147 crore (USD 21.5 million) in funding from CapitalG, the growth-equity investment arm of Google parent Alphabet Inc. and existing investors SAIF Partners and LGT Impact Ventures.The company will use the funds to grow the business, according to an Aye Finance statement.

Founded in 2014, Aye Finance provides working capital and business development loans to micro and small enterprises, across sectors such as manufacturing, trading, services and livestock. It operates in 10 states and has 73 branches.

Aye Finance officials have declared that CapitalG’s access to Google expertise in scaling businesses using analytics and technology will supplement their approach, Aye Finance having so far disbursed more than INR 500 crore to 60,000 small and medium businesses.

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Keywords: Google, CapitalG, investment, supply chain finance, Aye Finance, India, MSME
Countries: World