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Triodos IM invests in Aye Finance

14-09-2017 |

Triodos Microfinance Fund and Triodos Fair Share Fund have expanded their portfolio in India by providing EUR 6 million in debt financing to Aye Finance. The new addition is a non-banking finance company that provides working capital loans and asset finance services to micro, small and medium enterprises (MSMEs). Aye Finance plans to use the funds to increase its outreach and bolster expansion.

Sanjay Sharma, co-founder and managing director of Aye Finance: ‘We have in the last three years impacted an ecosystem over 100,000 families across India through our business enterprise loans. These additional funds will bring us a step closer to our vision to impact over 1,000,000 households by 2020.”

Aditya Mohan, Investment Officer at Triodos Investment Management: “At Triodos, we see ourselves as catalysts in expanding access to finance by working with companies that are the frontiers of financial services in emerging economies. As a provider of much needed credit to MSMEs in India, Aye Finance is a natural partner for Triodos in facilitating job creation and supporting the ubiquitous small-scale entrepreneurs of ‘middle India’.”

The funds were raised by issuing non-convertible debentures. Chennai-based financial services firm IFMR Capital facilitated the fund raise.

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