Microlending platform Aye Finance has received Rs 250 crore ($30 million) in a Series G round headed by Singapore’s ABC Impact. British International Investment, an impact investor and development finance organization in the UK that spearheaded Aye’s Rs 310 crore ($37 million) Series F financing in December 2023, also participated in the deal. The business also raised $30 million in debt in June of this year.

With this initial investment, ABC Impact’s Fund II brings its total assets under management (AUM) to more than $850 million. The fulfillment of usual conditions precedented to the deal is contingent upon its execution.

Aye has raised a total funding of Rs 1,250 crore ($150 million) in equity with this round. Aye Finance provides financial services to micro and small businesses, the bulk of which are in the manufacturing, trading, and service sectors. The company has more than 398 sites and operates in 22 states in India.

Aye Finance provides quasi-mortgage loans, hypothetical loans, and add-on loans, with prices ranging from Rs 50,000 to Rs 1,000,000 each. According to the company, it has already given more than 5,76,000 firms loans totaling over 7,600 crore ($915 million), with a 60% repeat rate. During FY23, Aye Finance’s operating income increased by 44.5% to Rs 623 crore, with a profit of Rs 54 crore.

According to the corporation, revenue increased by 67% to Rs 1072 crore in FY24, while profit increased three times to Rs 161 crore. The company’s gross non-performing assets (NPA) at the end of FY24 were Rs 4,500 crore and AUM was 1.21%. It faces competition from a number of NBFCs, such as Flexiloans, Lendingkart, Axio (previously Capital Float), and Indifi.