Google-backed Aye Finance brings on board former Hero Fincorp Chief Business Officer

• Aye Finance, the lending startup for micro, small and medium enterprises, has roped in former Hero Fincorp Chief Business Officer Samir Mehta as its deputy CEO.
• Mehta will focus on scaling up Aye’s business and will implement strategies to enhance the MSME lenders’ performance and capability.
• Recently, in June, Aye Finance had raised ₹210 crore from CapitalG – Google’s parent company Alphabet’s growth fund.

Aye Finance, the lending startup for micro, small and medium enterprises, has roped in former Hero Fincorp Chief Business Officer Samir Mehta as its deputy CEO. Mehta comes with 22-year experience in BFSI, and at Aye Finance, he will focus on scaling up Aye’s business and will implement strategies to enhance the MSME lenders’ performance and capability.

“Aye provides much-needed financial services to India’s micro-scale informal businesses and the entrepreneurs who run them – a critical, but often overlooked and underserved population,” Mehta said about joining the startup.

“He adds further strength to our team, as we successfully negotiate the times of this economic disruption. Samir’s expertise in P&L management of large businesses and in scaling up lending to the SME segment will be very valuable as we emerge from this period,” said Sanjay Sharma, Managing Director of Aye Finance.

Recently, in June, Aye Finance had raised ₹210 crore from CapitalG – Google’s parent company Alphabet’s growth fund. The Series E round also saw participation from GT Lightstone, Falcon Edge Capital, A91 Partners, and MAJ Invest.

Aye Finance, founded in 2014, has disbursed loans worth ₹3000 crores to over 200,000 businesses in six years. In November last year, the startup had raised ₹125 crores from the Dutch entrepreneurial development bank – FMO. The company also recently ranked 14 in India’s best places to work by Great Place to Work Institute.

The six-year-old Aye Finance is getting aggressive on its focus sector – the MSMEs, given the government push for the growth of India’s small businesses.

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