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10 July 2018

Google Goes Full Fintech in India, Invests $21 Million in One Project—Here’s the Winner

Other markets seem more attractive and developed, but India offers a very exciting glimpse of a so different future.

CapitalG, formerly known as Google Capital, is a venture capital fund subsidiary of Alphabet Inc., the conglomerate behind Google, YouTube and some other giant names of the modern internet. Its main function is to invest (for profit and not strategically) in tech startups around the world, at the same time offering complete access to Google’s core of talent in order to offer guidance that results in growth.

In 2018, there are two economies that are growing at insatiable pace, one is China and the other one is India. Since the beginning of the 2000s, India has enjoyed many positive events that are changing the social landscape of the country: The middle class is getting stronger, startups are spreading nationwide, international investment is pouring lots of money on infrastructure, trade, regional markets and so much more.

When CapitalG looks healthy environments for companies to grow, India comes first. And in the case of this year there is one big winner, its name is Aye Finance, a startup that allows small business an access to credits and crucial capital injection.

With a funding of $21.5 million (late stage C round) Google’s subsidiary seems to believe almost completely in this Fintech endeavour.

Key facts about Aye Finance:

  • Their main target are business owners who don’t speak English.
  • Most of their clients don’t have digital presence.
  • Offline offices and teams will be deployed in order to serve the public.
  • The partnership with Google plans to get lower operational costs and attend credit gaps in India.

CapitalG reaffirms that Aye Finance excels at providing the financial tools for small and medium-size businesses in India, compared with other institutions that follow a traditional model. They inspected the founders’ backgrounds and ensured that the use of technology in this project wasn’t just innovative but also efficient within the limitations of the country.

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