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India's N Aye Finance has taken a big step toward its goal of providing credit to the country's small and medium-sized businesses.
The company announced Friday that it has secured $15 million in debt funding, the Wall Street Journal reports.
The money will be used for on-lending to micro, small, and medium-sized businesses in India.
The company says it has an active client base of more than 4.5 lakh micro-enterprises and an AUM of more than $4 billion.
"This fresh infusion of capital will further strengthen Aye Finance's ability to provide crucial financial support to underserved micro, small, and micro enterprises," the company said in a statement, per the Times of India.
The company says the funding will allow it to "reach out to a larger population of micro-enterprises and offer them innovative financial products designed to meet the diverse needs of micro-enterprises."
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