India based lender Aye Finance has raised $6.8m in new debt financing from Triodos Bank. Aye Finance lends working capital to customers working across 40 different industry clusters, from manufacturers of shoes and sports equipment to furniture and readymade garment.
In November last year the company snapped up Rs 70 Crore in a Series B round led by LGT IV along with existing investors SAIF Partners and Accion. So far, Aye Finance had raised about Rs 200 crore in debt last year. According to a report in Economic Times, it has an asset under management of Rs 240 crore and has catered to about 25,000 borrowers. Aye Finance lends at 22-28% yearly rate and has 72 branches across 10 states in North and South India. This year NBFCs have been witnessing significant interest from investors as well as debt funders. Last month, Chennai-based Non-Banking Financial Company (NBFC) Five Star raised Rs 333 crore in its Series C round.