After two years of constrained growth during the pandemic, the year 2022-23 saw a surge in credit uptake among micro enterprises. The NBFC firm has been able to address this demand from unorganized businesses.
On 31 March 2023, Aye had an AUM of INR 2700 cores and over 3,00,000 active customers.
The MSME lender delivered a profit after tax of Rs 60 crores and a revenue of Rs 630 crores for the fiscal ending 31 March 2023.
Sanjay Sharma, Managing Director Aye Finance said, in a statement, “After the difficult Covid impacted years, FY23 came as an opportunity to get back to high levels of performance. It gives me immense pride to report that my team has used the opportunity and pushed the envelope to deliver exceptional results. We grew our loan book by 57% over the year to INR 2728 crores and added over one lac active customers during the year growing our base from 2,00,000 to over 3,00,000 customers. The credit quality has returned back to pre Covid levels and profitability has never been better. We are now poised for another promising phase and will expand our client base with profitability and positive social impact in FY24.”
The fintech lender has been making strides in transforming micro enterprise lending having cracked this difficult- to-lend segment with a unique cluster-based credit appraisal approach and optimally digitized phygital model.
Since inception, the firm claims to have provided affordable and customised business loans of over INR 7000 crores to 6 lacs micro enterprises and enabled their inclusion into the formal economy. The firm is backed by several investors including Elevation Capital, CapitalG, Alpha Wave Global, Light Rock, A91 Partners and MAJ Invest, that support the lender’s mission of creating an inclusive ecosystem for the micro entrepreneurs of India.
