Our Company was incorporated on August 12, 1993, as a private limited company under the Companies Act 1956, under the name `Doda Finance Private Limited', at Jalandhar, Punjab pursuant to a certificate of incorporation issued by the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh.Our Company was originally promoted by Suresh Chander and other individuals forming part of the initial subscriber group.
Pursuant to the share purchase agreement dated January 10, 2014 entered into by and between Suresh Chander, Kamlesh Jagota, Meenu Bala, Bheem Sen, Naresh Basi, Tripta, Shiv Kumar, Raman Kumar, Hari Kisan Lal, Sunita Dayi, Sanjay Sharma, Vikram Jetley and our Company, the shareholding of Doda Finance Private Limited was transferred to our Sanjay Sharma and Vikram Jetley and the name of our Company was changed to `Aye Finance Private Limited' pursuant to resolutions dated February 17, 2014 and dated March 15, 2014, passed by our Board and our Shareholders, respectively and a fresh certificate of incorporation dated March 28, 2014 was issued to our Company by the Registrar of Companies, Punjab and Chandigarh consequent to the change of name. Subsequently, Vikram Jetley separated from our Company pursuant to an Agreement for Separation dated April 18, 2020 ("Separation Agreement") and Sanjay Sharma continued as a founder of our Company.
Sanjay Sharma and Vikram Jetley were initially identified as promoters of our Company in filings made with the RBI upto quarter ended December 31, 2020. Following Vikram Jetley's separation, his shareholding was classified under the `other' category. Sanjay Sharma continued to be disclosed as a promoter until January 1, 2022. Thereafter, our Company has not identified any promoter in its statutory filings and has been managed as a professionally managed company without an identifiable promoter.
Subsequent to a change in our registered office from the state of Punjab to the National Capital Territory of Delhi pursuant to resolutions dated July 22, 2014 and August 18, 2014 passed by our Board and Shareholders, respectively and a fresh certificate of registration dated August 10, 2015, was issued by the RoC. Upon the conversion of our Company to a public limited company, pursuant to resolutions dated October 16, 2024 and October 17, 2024 passed by our Board and our Shareholders, respectively, the name of our Company was changed to "Aye Finance Limited". A fresh certificate of incorporation dated December 10, 2024 was issued by the RoC consequent to our Company's conversion into a public limited company.
Prior to the change of the name of our Company from Doda Finance Private Limited, RBI had granted a certificate of registration dated December 15, 2000 bearing no. B-06.00369 for registration as an NBFC under Section 45- IA of the Reserve Bank of India Act, 1934. Subsequently, the RBI granted a certificate of registration dated November 27, 2015, bearing no. B-14.03323 to our Company, for registration as an NBFC under Section 45-IA of the Reserve Bank of India Act, 1934. Additionally, RBI granted a certificate of registration dated March 25, 2025, bearing no. B-14.03323, to our Company, for registration as an NBFC under Section 45-IA of the Reserve Bank of India Act, 1934, post change of name of Company from Aye Finance Private Limited to Aye Finance Limited.
Major Events and Milestones: 2014 - The shareholding of Doda Finance Private Limited was transferred to Sanjay Sharma and Vikram Jetley and the name of our Company was changed to Aye Finance Private Limited
2015 - Raised series A and A1 funding from Accion Africa-Asia Investment Company and SAIF Partners India V Limited - Our Company obtained the certificate of registration as NBFC from RBI in the name of Aye Finance Private Limited - Disbursed loans of approximately ?290 million - Opened our first branch in Rajasthan and Punjab and Haryana, respectively - Expanded our network to 16 branches
2016 - Raised series B funding from LGT Capital Invest Mauritius PCC with Cell E/VP - Opened our first branch in Tamil Nadu and Karnataka, respectively - Commenced digital journey through an automated loan origination and decision process
2017 - Reached a landmark of 33,000 customers (across loan portfolios) - Crossed AUM of ?3,400.00 million
2018 - Raised series C funding from CapitalG LP - Expanded to 100 branches across 18 states and 3 union territories - Got classified by the RBI as a `systemically important NBFC'
2019 - Raised series D funding from Maj Invest Financial Inclusion Fund II K/S and Alpha Wave India Fund I LP - Crossed 200,000 customers, AUM of ?15,900.00 million and 3,000 plus employees
2020 - Raised series E equity round during covid times from CapitalG International LLC, A91 Emerging Fund I LLP, MAJ Invest Financial Inclusion Fund II K/S, Alpha Wave India I LP and LGT Capital Invest Mauritius PCC with Cell E/VP - Expanded to 203 branches in 16 states and 2 union territories
2021 - Expanded to 308 branches in 17 states and 3 union territories
2022 - Expanded to 395 branches in 18 states and 3 union territories - Crossed 5,000 employees
2024 - Raised series F funding from British International Investment plc and Waterfield Alternative Investments Fund I - Disbursed loans of approximately ?100,000 million - Expanded to 499 branches in 18 states and 3 union territories - Raised series G funding from ABC Impact - Crossed AUM of ?50,000.00 million
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