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A startup in India that aims to help the country's small and medium-sized businesses has secured more than $100 million in debt funding, the BBC reports.
"This fresh infusion of capital will further strengthen Aye Finance's ability to provide crucial financial support to underserveds (medium, small, and micro enterprises) across India," the company said in a statement, per the Times of India.
The debt funding will be used for on-lending to these businesses, enabling them to grow and contribute to the nation's economic development, it added.
The company, which has an active client base of more than 50,000, recently closed a funding round that was led by British International Investment.
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