Aye Finance posts nearly 3-fold jump in profit to Rs 161 crore in FY24

Aye Finance, a fintech firm which mainly provides unsecured small-ticket business loans to micro enterprises, on Thursday said its net profit jumped nearly three-fold to Rs 161 crore in the financial year 2023-24.

Its profit profit after tax stood at Rs 57 crore in the year-ago period.

The company's revenue grew 67 per cent to Rs 1,072 crore in 2023-24 from Rs 643.34 crore in the preceding fiscal year.

Further, Aye Finance said its assets under management (AUM) also saw a remarkable increase to Rs 4,400 crore from Rs 2,700 crore in FY23.

"Our growth is built on a stable market of micro MSE segment...As we look ahead, we are well-positioned to capitalise on the vast growth opportunities and further strengthen our position as a leading provider of innovative financial solutions for this vital segment," Sanjay Sharma, Managing Director of Aye Finance, said.

Aye Finance has disbursed over Rs 12,000 crore to more than 9 lakh businesses.