Aye Finance was incorporated on August 12, 1993, as a private limited company under the Companies Act 1956, under the name ‘Doda Finance Private Limited’, at Jalandhar, Punjab pursuant to a certificate of incorporation issued by the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh. The company was originally promoted by Suresh Chander and other individuals forming part of the initial subscriber group.

The company is a non-banking financial company - middle layer (NBFC-ML) focused on providing loans to micro scale micro, small and medium enterprises (MSMEs) across India. It offers a range of business loans for working capital and business expansion needs, against hypothecation of working assets or against security of property to customers across manufacturing, trading, service and allied agriculture sectors. It is among the leading nonbanking financial companies (NBFCs) providing business loans to the largely underserved micro scale enterprises in India. It offers small-ticket business loans with an average ticket size (ATS) on disbursement of Rs 0.18 million to micro enterprises. Its expertise in underwriting business cash flows of a variety of business clusters has enabled it to maintain stable credit costs and allowed it to profitably scale up its operations. 

The company is the most geographically diversified lender among the Peer MSME Focused NBFCs. Its Assets Under Management (AUM) is also spread across various types of industries, ensuring a balanced presence in both regional and sectoral terms. This strategic distribution of its portfolio across India reduces the risk of geographic concentration and strengthens its risk management and operational resilience. Its target customers are micro scale businesses, predominantly located in semi-urban areas. The industries it serves include manufacturing, trading, service and allied agriculture. 

Business area of the company

The company is a NBFC-ML focused on providing loans to MSMEs across India. The company offers a range of business loans for working capital and business expansion needs, against hypothecation of working assets or against security of property to customers across manufacturing, trading, service and allied agriculture sectors.

Products of the company

• Mortgage loans
• ‘Saral’ property loans
• Secured hypothecation loans
• Unsecured hypothecation loan

Key awards, accreditations and recognitions

• 2018: Received the ‘Skoch Award-Skoch Order of Merit’ for qualifying in top ranking digital economy projects in India to enable financial inclusion of micro enterprises. 
• 2018: Received the ‘award for building the Next Billion category’ from Facebook on the Indian Startup Day.
• 2019: Received the ‘DigiDhan Mission-FinTech Award for Promotion of Digital Payments’ award for innovation of digital payments through lending.
• 2019: Received the award for ‘Best Financial Inclusion Initiative-Cluster-Based Credit Assessment of Micro Enterprises’ from BusinessWorld Digital India.
• 2019: Received the ETBFSI excellence award for innovation in financial services-innovative NBFC of the year.
• 2019: Received ‘Inclusive Finance India’ award under the category ‘Non-Banking Finance Company lending to Micro and Small Enterprises’.
• 2020: Ranked 14th by ‘Great Place to Work Institute (India)’ in India’s best companies to work for in 2020.
• 2021: Ranked nine by ‘Great Place to Work Institute (India)’ in best large workplaces in Asia for 2021.
• 2021: Received an award for the ‘SME Financier of the Year’, Asia in the gold category by the SME Finance Forum.
• 2021: Ranked fourth by ‘Great Place to Work Institute (India)’ in India’s best companies to work for in 2021.
• 2021: Received an award for the best financial inclusion initiative by ‘Banking Frontiers’.
• 2021: Recognized in BFSI Segment among the best companies to work for in India by ‘Great Place to Work’.
• 2022: Received the Elets first ‘NBFC 100 Leader of Excellence Award’ for ‘Financial Inclusion Crusader’. 
• 2022: Recognized in BFSI Segment among the top 30 best companies to work for in India by ‘Great Place to Work’. 
• 2022: Ranked second in the best companies to work for ‘Great Place to Work’ in India 2022 and Great Place to Work Institute (India). 
• 2022: Received an award by Inaugural Edition of the BW Unicorn Summit & Awards for Most Impactful Leadership Team.
• 2023: Received the Elets 2nd NBFC 100 Leader of Excellence Award for ‘Most Innovative Use of AI’. 
• 2023: Recognized in top 25 category for India’s Best Workplaces by ‘Great Place to Work’.
• 2023: Received ‘Best For-profit Project for Underserved Communities’ award by ‘The Money Awareness and Inclusion Awards’.
• 2023:  Featured amongst ‘India’s Best Workplaces for Millennials, 2023’ by ‘Great Place to Work’.
• 2023: Received the ‘Inclusive Finance India Award’ by Access Development Services under the category ‘Inclusive Enterprise Lending by Non-Banking Finance Company’.
• 2023: Received the ‘Best MSME Financing Institution’ Award at the 5th edition of the Emerging Businesses Awards hosted by BW Businessworld.
• 2024: Frost & Sullivan, leading global research and consulting firm, recognized it as the ‘Technology Innovation Leader in the Indian Inclusive Fintech Solution Industry for 2024’.
• 2024: Ranked sixth, Best Companies to work for in India by ‘Great Place to Work’.
• 2024: Recognized as runner up for the Best Overall Performance by ASSOCHAM at the 19th Annual Summit & Awards on Banking & Financial Sector Lending Companies. 
• 2024: ET Edge (The Times Group) recognized us as as one of the Best Brands in 2024.
• 2024:  Recognised as the Best SME Finance Company India 2024 by Global Banking & Finance Review.
• 2024: Honored with a ‘Financial Inclusion Organization of the Year’ at the prestigious Bharat Fintech Summit 2024.
• 2025: Ranked 3rd by ‘Great Place to Work Institute (India)’ in India’s best companies to work for in 2025.
• 2025: Received the ‘Best Upcoming NBFC in MSME Lending’ at 1st MSME Banking and NBFC Excellence Sammaan from PHD Chamber of Commerce and Industry in the category of ‘Best Upcoming NBFC in MSME Lending’ 
• 2025: Recognized as ‘SME Financier of the Year - Asia’ award at the Global SME Finance Forum 2025 (Johannesburg, South Africa). 
• 2025: Aye Finance has been recognized as one of India’s Best Workplaces in NBFCs 2025 by Great Place to Work. 
• 2025: Recognised for Excellence in Financial Inclusion at the 8th NBFC 100 Leader of Excellence Awards, hosted by Elets Technomedia in New Delhi. 
• 2025: Featured in the global list curated by CNBC and Statista. 
• 2025: Recognized by TIME and Statista as one of India’s Best Employers 2025.

History and milestones

• 2014: The shareholding of Doda Finance Private Limited was transferred to Sanjay Sharma and Vikram Jetley and the name of the Company was changed to Aye Finance Private Limited.
• 2015: Raised series A and A1 funding from Accion Africa-Asia Investment Company and SAIF Partners India V Limited.
• 2015: The company obtained the certificate of registration as NBFC from RBI in the name of Aye Finance Private Limited.
• 2015: Disbursed loans of approximately Rs 290 million.
• 2015: Opened its first branch in Rajasthan and Punjab and Haryana, respectively
• 2015: Expanded its network to 16 branches.
• 2016: Raised series B funding from LGT Capital Invest Mauritius PCC with Cell E/VP.
• 2016: Opened its first branch in Tamil Nadu and Karnataka, respectively.
• 2016: Commenced digital journey through an automated loan origination and decision process.
• 2017: Reached a landmark of 33,000 customers (across loan portfolios).
• 2017: Crossed AUM of Rs 3,400.00 million.
• 2018: Raised series C funding from CapitalG LP.
• 2017: Expanded to 100 branches across 18 states and 3 union territories.
• 2017: Got classified by the RBI as a ‘systemically important NBFC’.
• 2019: Raised series D funding from Maj Invest Financial Inclusion Fund II K/S and Alpha Wave India Fund I LP.
• 2019: Crossed 200,000 customers, AUM of Rs 15,900.00 million and 3,000 plus employees.
• 2020: Raised series E equity round during covid times from CapitalG International LLC, A91 Emerging Fund I LLP, MAJ Invest Financial Inclusion Fund II K/S, Alpha Wave India I LP and LGT Capital Invest Mauritius PCC with Cell E/VP.
• 2020: Expanded to 203 branches in 16 states and 2 union territories.
• 2021: Expanded to 308 branches in 17 states and 3 union territories.
• 2022: Expanded to 395 branches in 18 states and 3 union territories,
• 2022: Crossed 5,000 employees.
• 2024: Raised series F funding from British International Investment plc and Waterfield Alternative Investments Fund I.
• 2024: Disbursed loans of around Rs 100,000 million.
• 2024: Expanded to 499 branches in 18 states and 3 union territories.
• 2024: Raised series G funding from ABC Impact.
• 2024: Crossed AUM of Rs 50,000.00 million.