MD, Aye Finance - Sanjay Sharma
Alumni from IITB have been pioneers in nearly every field, traversing the boundaries of technology, spanning as far as management, finance, politics and a lot more. And Mr Sanjay Sharma is one such personality, who stepped into the field of finance firm with Aye Finance, a steadily expanding venture, and has been absolutely flawless with his methods.
He founded his current venture, a non-banking finance company, Aye Finance, in January 2014, which provides working capital and business development loans to micro and small enterprises, across sectors such as manufacturing, trading, services and livestock. It operates in 10 states and has 73 branches. Aye Finance is driven by the vision to lead the industry in providing loan products and services to micro and small enterprise businesses and be admired for its innovation and customer centricity. Working as managing director for the company, his message to the world reads as “There are millions of profitable small and micro businesses across India which are locked out of the financial system. We came together because we believe we can overcome this financing challenge and unlock a massive business opportunity.”
The company has been expanding exponentially and recently outclassed all its contemporaries, by raising Rs 147 crore ($21.5 million) in fresh funding from CapitalG the growth-equity investment arm of Google parent Alphabet Inc. and existing investors SAIF Partners and LGT Impact Ventures. capital’s previous bets include Freshworks, Quikr, Practo, CarDekho, and CueMath, so unarguably, this is a huge leap forward for the company, taking it a step closer to Mr Sharma’s vision. The funds raised would be used for expanding the business. As quoted by Mr Sharma, “capital’s access to Google expertise in scaling businesses using analytics and technology will strongly supplement our approach. Aye Finance has so far disbursed more than Rs 500 crore to 60,000 small and medium businesses.” The finance giant has also used novel methods to make the process effortless, for instance, using IoT by launching an android based application to expedite MSME lending.
The company’s success stems from Mr Sharma’s vast experience in the finance field. Graduating from IIT Bombay, with a B.Tech in Mechanical Engineering in 1983, he went on to get a PGDM from IIM Bangalore. And thereafter followed his long and eminent career working in diverse regions of the globe and being in the top management for companies starting with Standard Chartered Bank. He subsequently worked in ICICI Bank, Max New York Life Insurance, Tamweel PJSC, which he created from grassroots, Ujjivan Financial Services and others, always remaining in the top tier. He even worked as an independent management consultant and then founded his own legacy, with Aye Finance, taking forward the Make In India campaign.
On behalf of IIT-B community, we commemorate this successful venture by Mr Sharma and wish him luck, to take his legacy forward.