Mahindra & Mahindra Financial Services has reportedly acquired a part of Aye Finance’s, non-banking finance company (NBFC) licensed by RBI, portfolio under a securitisation deal.
Through this deal, which was facilitated by IFMR Capital, Aye has further diversified its funding sources, having raised money last year through equity and more recently through debt from India’s biggest PSU Bank SBI and a leading global impact investment manager, Blue Orchard.
Aye Finance is headquartered in Gurgaon and serves the credit worthy albeit the underserved MSME sector through a network of 67 branches in 10 Indian states, while Mahindra & Mahindra Financial Services, part of the Mahindra Group, is one of India’s leading non-banking finance companies.
