The private equity fund Maj Invest Financial Inclusion Fund II completes its sixth investment by acquiring shares in Aye Finance Private Limited, an Indian financial institution founded in 2014 and focused on lending to micro and small enterprises. It has 104 branches across 10 states mainly in northern and eastern regions through selected clusters, serving around 66,000 clients.
Aye applies a cluster-based approach to lending across four industries (manufacturing, trading, services and agriculture) and provides a mobile app that can be used for daily book keeping and recording business to its client base. Aye Finance aims to provide an innovative and client-centered financial services to micro and small business through knowledgeable team, effective technology and robust processes, to power their growth into the new-age India and become a significant finance company in India.