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HomeInsightFunding Alert Trade finance platform Vayana Network raises Rs 114 cr in Series...

[Funding alert] Trade finance platform Vayana Network raises Rs 114 cr in Series C round

Trade finance platform Vayana Network
Trade finance platform Vayana Network

Trade finance platform Vayana Network has raised $15 million as part of its Series C funding round from International Finance Corporation (IFC) and PayU.

With this round, the firm has closed its latest fundraising of Rs 397 crore (approximately $52 million).

The company plans to use the funds to double its offerings for Micro, Small and Medium Enterprises (MSMEs).

The Pune-based Vayana Network was founded in 2016 by Ramaswamy Iyer, It provides trade finance to suppliers and small enterprises in the automotive, fast moving consumer goods (FMCG) and manufacturing industries.

It is also a GST Suvidha Provider (GSP), which provides the facility of GST, e-way bill and online invoicing for Corporates and MSMEs.

“We continue to be bullish on our expansion and will now focus further on MSME credit, in line to have deeper inroads into trade financing… We also have received a licence for international trade finance and will power credit for export and import used cases”, said, Ramaswamy Iyer, founder of Vayana Network.

“This fiscal year we will see the launch of Vayana ITFS (International Trade Finance Services) platform at GIFT City (Gujarat), which will enable exporters and importers to access international trade finance facilities”, he added.

Vayana Network disburses loans through its banking and non-banking financial partners. The company disbursed Rs 5,500 crore of trade finance to small enterprises last month and plans to increase the monthly disbursements to Rs 7,800 crore by the coming June.

They also aim to touch an annual disbursement volume of $12 billion by the end of fiscal year 2023.

The startup has partnered with 70 large corporates and has so far provided credit to around 150,000 small businesses with over two million transactions. They also operate in the US and Singapore and are planning to set up an office in Dubai to foray into the Middle East region.

About Vayana Network

Vayana Network is an electronic network that connects Corporates and their Supply Chain to Financial Institutions for easy, quick and low-cost access to Trade Financing of their Payables and Receivables. They are India’s largest 3rd party platform for Trade Finance. Their Network has enabled USD 8 Billion+ in trade financing, digitized 2 Million+ invoices and today covers 1300+ pin codes in over 600 cities in India across 25 different industries, from Manufacturing to Ecommerce.

Key markets outside India include SE Asia and US where Vayana has customers with their Suppliers located in 20 different countries. As a preferred GSP, Vayana GSP serves over 1000 large corporates and some of the largest financial institutions/banks, in addition to other third party Application Service Providers (ASPs) that have over 200,000 SMEs routing their API traffic through us. The first GSP to be ISO 27001 certified, Vayana GSP is in a unique position to help logistics companies with their E-way bill compliance as well and work with several solution providers (ASPs) on the same.

They are backed by institutional investors. Their lending partners include leading Public and Private Sector Banks, NBFSc and global MNCs. They are the winners of the “PYMNTS GOLD award for Credit Innovation”​ given by PYMNTS.com USA, and were a finalist at the RBI IDRBT “Payment System Innovation Contest.”​

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