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Aye Finance turns profitable in FY23

  • October 1, 2024
  • By Team TheKredible
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Aye Finance recorded a 45% rise in revenue in FY23 reaching Rs 643.34 crore from Rs 443.49 crore in FY22.

Founded in 2014 by Vikram Jetley and Sanjay Sharma, Aye Finance provides secured and unsecured small business loans to micro and small enterprises across India. With over 100 branches operational across 21 states, the company caters primarily to the manufacturing, trading, and service sectors.

The Gurugram-based fintech company has raised a total of Rs 2610.11 crore over 19 rounds, the latest being a Series G round led by ABC Impact in September 2024. Competing with Yubi (Card Avenue) and Lendingkart, Aye Finance is valued at over Rs 2000 crore.

The majority share of the company is held by Elevation Capital at 20% followed by LGT Capital Partners and Capital G with each holding over 15%. Alpha Wave and A91 Partners are other significant shareholders in the company.

In FY23, Aye Finance’s expenses rose to Rs 571.94 crore from Rs 510.90 crore in FY22. Employee benefits accounted for the majority of the expense contribution at over 30%, followed by finance costs, travelling expenses, and depreciation.

Despite increased expenditures, Aye Finance turned profitable at Rs 56.78 crore in FY23 from a loss of over Rs 40 crore in FY22. 

The company’s current EBITDA margin and ROCE also climbed to 43.65% and 8.72% respectively.