Technology has proven that it can transform by providing innovative solutions to pressing problems like poverty, inequality, and widespread financial inaccessibility. In the field of Micro Enterprise finance, Aye Finance is bringing that transformation by putting the marvel of digitalization at the heart of Micro Enterprises’ Economic Transformation.
Stating the company’s noblest mission, Tejamoy Ghosh, the VP of Head of Data Science and Artificial Intelligence, says, “It is to provide innovative, and customer centred financial services to micro and small businesses through a knowledgeable team, effective technology, and robust processes, to power their growth into new-age India.”
Our Valued Leadership
Tejamoy is a creative Data Science and AI professional with 17+ years of experience in the field.
He has been working for 14+ years in leadership roles, currently heading the Data Science and Artificial Intelligence division at Aye Finance – a fast-growing FinTech Lending Institution.
Sharing their core values, he says, they are
*Innovation – Be curious. Explore. Pioneer.
*Trustworthiness – Be fair. Keep promises. Be genuine.
*Social Impact – Make a difference. Give back. Touch lives.
*Being the best – Learn. Mentor. Onwards together.
*Customer Commitment – Think customer. Be proactive. Exceed expectations.
Tejamoy delivered numerous Data Science and Advanced Analytics projects to multiple clients from a wide array of domains (e.g., Banking, Insurance, Retail, Telecom, etc.) across functions like marketing, CRM, and risk. He has been building, mentoring, and incubating high-calibre teams in advanced analytics and data science capability development within an organization, which are other critical parts of his expertise and experience.
He has a Master’s degree in Economics from Jawaharlal Nehru University, New Delhi, and a Bachelor’s in Economics from Presidency College, Calcutta. He has also been trained at Vanderbilt University, Nashville, TN, and the University of Cincinnati, OH.
Tejamoy’s Specialties include:
Innovative AI/ML, Analytic Solution Design and Execution (across business functions and industry domains like Banking, Insurance, Retail & eCommerce, Telecom, Manufacturing, and any other)
- AI/ML product conceptualization and development.
- Thought Leadership, People Management, Project Management.
- Setting up, incubation, and developing of high calibre Data Science teams from scratch.
- Mentoring new lines of DS/AI/ML professionals.
Our Products
Tejamoy says they provide secured and unsecured small business loans for working capital requirements. Micro businesses in India have an unmet credit need of USD Three billion. “We are changing that, one loan at a time.”
Our Method
Tejamoy says, “We offer a range of financial solutions through our extensive network across India.” These solutions are powered by innovative underwriting, smart technology, and deep analytics.
Our Story
Sharing their story of Inception, he says that it all began in,
Summer of 2013: The summer that year was unusually hot. When the small team of founder members got together, there was something burning in all of us. We had spent long years with some of the finest financial organizations worldwide. But we needed something more. We needed something meaningful.
A Government of India report talked about ₹25 lakh crore credit deficit in the MSME industry. Micro, Small, and Medium Enterprises were Six crore in number and employed 11 crore people. The micro-segment among these was the most disadvantaged when it came to accessing formal credit. It was clear to us that India’s growth would not be complete without the advancement of this sector.
Indian Monsoons: By mid-year, we knew what we wanted to do. Indian monsoons were lashing the plains in North India. Dusty plains suddenly became covered with verdant green shoots. “Our dream was slowly taking shape – exhilarating just like the petrichor.
Our business plan was far from complete, but our vision was clear – We wanted to be the most admired among finance businesses catering to micro businesses in India. We continue to abide by the core values followed soon after – Innovation, Trustworthiness, Being the best, Social Good, and Customer Commitment.”
Thus, Aye was born. Aye means ‘Yes’ in English and ‘Money’ in Hindi. “Apt for what we wanted to do – say yes to micro-enterprises aspirations by providing them with capital.”
Moving Mountains
He adds, “As we started work, enthusiasm in the team was contagious. We knew we had mountains to move, but that did not deter anyone. The initial capital for the company came from friends and angel investors. By the end of 2013, we bought an NBFC to start lending. But we had another challenge to surmount. It was not easy to assess the businesses we wanted to lend to.” They were neither on credit bureaus nor had any formal financial documents. Innovation was not an option but a necessity.
Footprints in the Sands of Time
In early 2014, the Aye team studied three micro-enterprise clusters spread across a few cities. This was the beginning of their unique cluster-based underwriting model, which even today is the bedrock of what they do. In March 2014, their first loan was given to a ladies’ shoe manufacturer, who employed six workers and made 200 pairs of shoes weekly. In the next six months, they disbursed around 200 loans through two branches in Delhi.
How Time Flies
In 2015 they received funding from Elevation capital and Accion. By 2017, the small team had grown to a family of over 1000 people. In 2019 they were included in the Systemically Important NBFCs list of the Reserve Bank of India.
Living the Dream
Today they have branches spread across 20 states in India. They work with about 150 clusters across the country. Each has different business models, cash flows, and markets. They have lent to over 420,000 customers. They have thousands of employees helping these customers pursue their dreams. Investors backing they are some of the best in the world. They have been on the leaderboard when it comes to customer satisfaction scores (NPS) and employee satisfaction scores (GPTW).
Miles to Go
Tejamoy says that while they look back at their journey with pride, they remain humble and grateful. They know that their journey is far from over. They would like to remain a small company at heart. “Eager, ever learning, close to our customers, nimble and relevant. We want to be known for what we achieve and how we achieve it too.
We will not lose sight of what we set out to be – the most admired microenterprise lender. Aye to that,” he says.
Accolades
Finally, on the ending note, Tejamoy says, “It is always exciting to be recognized for our work and, more importantly, for how we do things. We are deeply grateful and honoured to have received these awards. Each one of them inspires us to be the best in what we do.”
2022
- 2nd Best Company To Work For In India- GPTW Institute by The Economic Times.
- Best BFSI To Work For In India- GPTW Institute.
2021
- 9th Best Place To Work In Asia- GPTW Institute.
- 4th Best Company To Work For In India- GPTW Institute.
- SME Financier Of The Year – Asia (Gold) By SME Finance Forum.
- The Business Transformation Award by Mint and Techcircle.
- DNA-Distinguished NBFC Award by Banking Frontiers.
- Best BFSI To Work For In India- GPTW Institute.
And many more before. To see them all, please click on the link – https://ayefin.com/accolades/
