Pune-based trade financing startup Vayana Network has successfully raised Rs 170.8 crore ($20.5 million) in a Series D funding round. The company’s board approved a special resolution to issue 14,62,341 Series D CCPS at an issue price of Rs 1168.27 each, according to a regulatory filing accessed by Entrackr from the Registrar of Companies (RoC).
Who are the Investors?
The funding round was led by the SMBC Asia Rising Fund, contributing Rs 62.6 crore. Other significant contributors included Chiratae Ventures, which invested Rs 41.74 crore, and the International Finance Corporation (IFC), which contributed Rs 24 crore. Additionally, Jungle Leaders, Quantum-State Investment Fund, and Emerald collectively participated with Rs 42.4 crore.
Purpose of Fundraising
Prior to this round, Vayana Network raised $15 million in a Series C funding round in April 2022 from IFC and PayU. The startup plans to use the newly raised capital for further expansion and general corporate purposes.
What Does Vayana Network Do?
Founded in 2009 by Ramaswamy Iyer, Vayana Network provides digital access to low-cost financing for suppliers and small enterprises in various sectors, including automotive, fast-moving consumer goods (FMCG), and manufacturing. The startup is also a GST Suvidha Provider (GSP), facilitating GST, e-way bill, and online invoicing for corporates and MSMEs.
Strategic Partnerships
In December last year, Vayana Network partnered with Singapore-based InvestaX to offer debt-based financial products in the APAC markets. This collaboration aims to expand Vayana’s reach and enhance its service offerings in the region.
Future Plans and Market Impact
The recent funding will enable Vayana Network to further enhance its technology platform, expanding its capabilities to better serve its growing customer base. The startup plans to explore new markets and sectors, aiming to become a leading player in the global trade financing industry. By continuing to innovate and adapt to market needs, Vayana Network seeks to empower more SMEs with access to affordable and timely financing solutions.
As the demand for digital trade financing solutions increases, Vayana Network is well-positioned to make a significant impact on the industry, driving economic growth and supporting business development across various sectors.
