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Alphabet-backed Indian lender files for IPO

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Aye Finance , a loaner target small- and medium - sized businesses in India , is seek to provoke $ 171 million from its initial public offering , itdisclosedin a filing Tuesday .

The offering comprises a $ 104 million fresh share egress and a $ 67 million subaltern cut-rate sale by live investors . Proceeds from the initial public offering will be used to expand the startup ’s loan portfolio and strengthen its capital base .

The lender , plump for by Alphabet ’s speculation arm , CapitalG , is currently valued at about $ 400 million and operates 499 branches across 22 Indian State . It had $ 588 million in assets under management as of September .

Aye Finance extends business loans — include mortgage , hypothecation , and terminus credit — to small concern in theunorganized sectorthat are typically leave off from traditional banking systems . Its ordinary loan is about $ 1,800 , and the fellowship says it leverages proprietary engineering and analytics to assess its customers ’ creditworthiness .

The companionship ’s revenue attain $ 122.5 million in the financial year ended 2024 , but its nonperforming assets increased from 2.74 % to 3.29 % .

The inauguration , which also counts Elevation Capital and British International Investment among its backer , has raised more than $ 160 million to date .

The filing of Aye Finance ’s IPO prospectus caps a record twelvemonth for Indian IPOs . Financial services startup MobiKwik isgoing public soon , while Swiggy ’s initial offering last month wasthe largest among tech inauguration globally this twelvemonth .

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The filing also comes at a decisive moment for India ’s fiscal services sphere . The micro , low , and medium enterprise section account for around 30 % of India ’s GDP but present substantive credit disruption , forecast at over $ 650 billion .

Axis Capital , IIFL Capital , JM Financial , and Nuvama Wealth Management are bookrunners for Aye Finance .