NBFC Aye Finance Partners Credgenics To Offer AI-Based Collection Solutions

SUMMARY

Through this partnership, Credgenics will offer Aye Finance customers with personalised and insight-driven communication strategy

Credgenics’ field application will help the field collectors to manage their day-to-day activities and borrowers to make instant digital repayments

Founded by Sanjay Sharma and Vikram Jetley in 2014, Aye Finance offers loans to small businesses across the country

When its IPO is around the corner, NBFC Aye Finance

has partnered with AI-based SaaS platform Credgenics to offer debt collection and resolution services.

Through this partnership, Credgenics will offer Aye Finance customers with personalised and insight-driven communication strategy across various channels, the NBFC said in a statement.

“We believe that our partnership with Credgenics will help us further this strategy and make our debt recovery processes more data-oriented, insightful and efficient,” said Aye Finance chief technology officer Jinu Joseph.

Credgenics’ field application will help the field collectors to manage their day-to-day activities and borrowers to make instant digital repayments. Additionally, its mobile collection platform Bilzy will enable the Aye Finance team to generate personalised payment links to help customers with secure digital transactions.

Founded by Sanjay Sharma and Vikram Jetley in 2014, Aye Finance offers loans to small businesses across the country. The NBFC is also aiming to raise INR 1,450 Cr through its public listing.

In December 2024, the company received a nod from its board to raise the above mentioned amount through an initial public offering (IPO). Later that month, it filed its draft red herring prospectus (DRHP) with SEBI.

The NBFC’s IPO will comprise a fresh issue of shares worth up to INR 885 Cr and an offer for sale (OFS) component of INR 565 Cr. It has roped in Axis Capital, JM Financial, Nuvama and IIFL Securities as bankers to helm its public listing.

Last month, the IPO-bound company secured INR 110 Cr (around $12.8 Mn) in debt from a clutch of investors, including Northern Arc, ASK Financial Holdings, MAS Financial Services and CredAvenue.

On the financial front, Aye Finance’s net profit jumped 37% to INR 107.80 Cr in the first six months of the fiscal year 2024-25 (H1 FY25) from INR 78.79 Cr in the same period of previous fiscal. Meanwhile, its revenue from operations in the first half of the fiscal stood at INR 692.24 Cr, up 47% from INR 472.01 Cr in H1 FY24.