India's Aye Finance Seeks $171M IPO Boost

Are you curious about how small businesses in India get the financial help they need? Aye Finance is a lender that's focusing on these small and medium-sized businesses. They're planning to raise $171 million through an initial public offering (IPO). This money will help them expand their loan services and make their business stronger. Aye Finance has the backing of Alphabet's investment arm, CapitalG. They operate in 22 states with 499 branches. As of September, they had $588 million in assets under management. They offer various types of loans, like mortgages, and use special technology to check if customers can pay back.The company had a revenue of $122. 5 million last year, but some of their loans didn't get paid back on time. This increased from 2. 74% to 3. 29%. They've raised over $160 million so far, with help from investors like Elevation Capital and British International Investment. This IPO news is part of a record year for Indian IPOs. Other companies like MobiKwik and Swiggy are also going public. India's small businesses need a lot of help with credit, estimated at over $650 billion. Aye Finance is trying to fill this gap. Axis Capital, IIFL Capital, JM Financial, and Nuvama Wealth Management are helping with Aye Finance's IPO.