Pune, India-based trade finance startup Vayana Network raised USD 15 million (INR 114 crore) in an extension of its Series C round. PayU, the fintech arm of Dutch multinational Prosus and International Finance Corporation (IFC), led the funding for Vayana Network. The round took place on April 20, 2022.
Purpose of Funding for Vayana Network
The latest fundraising will aid the company in doubling down on its offerings for micro, small and medium enterprises (MSMEs). Meanwhile, Vayana Network will build products focused on helping MSMEs better manage their working capital and become credit ready.
Earlier, the startup raised USD 37 million (INR 283 crore) last November. Its new and existing investors, such as Marshall Wace, March Capital, Chiratae Ventures, CDC group, and Jungle Ventures, participated in the funding.
With the recent fundraise, the company has closed its latest fundraising of USD 52 million (INR 397 crore).
What the founder has to say
“While we are set to do more than $10 billion (Rs 76,500 crore) of trade financing in India alone this financial year, we are focusing on creating tools and infrastructure to help small businesses manage their working capital efficiently and sourcing trade finance at the most affordable rates. We will continue to build on our leadership role in public trade infrastructure. It will include GST, e-Invoice and e-Way Bill and embedding credit for every business in the supply chain,” said Ram Iyer, Founder and CEO, Vayana Network.
In addition, he said, “FY23 also will see the launch of Vayana ITFS (International Trade Finance Services) platform at GIFT City (Gujarat), which will enable exporters and importers access international trade finance facilities at competitive rates.”
What the investors have to say
“By supporting the rapid growth of a key player in India’s digital supply chain finance (SCF) infrastructure, IFC will further contribute to increased data and financial integration, enabling better risk assessment and provision of tailored financing. According to Vayana Network, SCF is a $100 billion per month opportunity for financial institutions, and 53 per cent of organisations are underserved in terms of credit due to legacy systems and business models,” said Wendy Werner, India Country Head at IFC.
“The collaboration between both companies will lead to multiple synergies with PayU’s merchant ecosystem, especially the SME transaction platform and SME lending portfolio. This investment aligns with our ambition to capture the broader India SME credit opportunity,” said Vijay Agicha, global head of strategy and growth at PayU.
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