Aye Finance
“Can a data-science-led NBFC become the dominant lender to India's unbanked micro-enterprise (Kirana / MSME) segment?”
Founded2014
HQGurugram, Haryana, India
Total raised~$200M+ (pre-IPO)
Latest roundSeries G, 2024 (₹250 Cr led by ABC Impact); IPO 2025
Valuation~$400M (pre-IPO, 2024)
IndustryFintech / Lending
The story
Founded in 2014 as an RBI-registered NBFC to serve India's micro-enterprise segment — particularly Kirana stores and small manufacturers that traditional banks ignore. Built a 'cluster-based' credit underwriting model using data science to lend without conventional financial documentation. Scaled to pan-India coverage with 499+ branches across 22 states. Pivoted from purely unsecured hypothecation lending into a broader product mix including mortgage loans and SwitchPe (a credit-backed B2B payment solution for merchant procurement). Went public in 2025.
Last 12 months
Product timeline
2014
Founded as an NBFC focused on micro-enterprise lending in India· banking
2020
Series E funding led by CapitalG (Alphabet)· lending
2023
Series F led by British International Investment ($37M)· lending
2024
Series G round of ₹250 Cr led by ABC Impact; filed DRHP for IPO· ipo
2025
Partnered with Credgenics for digital debt collection· lending
2025
Listed on Indian stock exchanges via IPO· ipo
2026
Q4 PAT grew 111% YoY to Rs 86 Cr; AUM reached ₹7,044 Cr (+27%)· lending
Regulated entities
1
regulatory licence held by Aye Finance
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in Aye Finance’s embedded-finance stack
Payments / PSP
SwitchPe (self-operated)
Banking / BaaS
in the full report
Lending
in the full report
Accounting gap: none
7 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.