Source: Money Control
Vayana has facilitated short term trade financing of Rs 1,800 crore in Q1FY19 which is 5 times more than Q1FY18 and 106 percent more than the previous quarter.
Vayana Network, a short-term trade finance platform (STTF) has crossed $1 billion-mark in trade financing on its network on Monday.
The company’s cloud-based network enables businesses and their trade partners get easy, digital and fast access to financing from financial institutions such as banks and NBFCs, at better-than-market rates.
Vayana has facilitated short-term trade financing of Rs 1,800 crore in Q1FY19 which is 5 times more than Q1FY18 and 106 percent more than the previous quarter.
In India, it has processed around 650,000 transactions till date and helped finance around 1,000 MSMEs including 45 percent from beyond tier 2 cities.
“This is an incredible milestone for us as we continue to exponentially grow the volume of transactions on our Network. This has been made possible due to the ease, convenience and speed we have purposefully engineered into our financing programs which have also fueled our business outside India,” said Ram Iyer, Founder & CEO of Vayana Network.
“We have quickly established ourselves as the market leader in facilitating low-cost, hassle-free short-term trade finance for corporates and their MSME counterparts. This was possible because of a strong commitment towards our customers and by staying true to our vision to democratize the access to trade finance for even the smallest of enterprises. We will continue to build on this foundation and intend adding at least 500 new customers this year,” he added.
The company raised $4 million from IDG Ventures and Jungle Ventures in June 2017.
TC Meenakshisundaram, Founder & Managing Director, IDG Ventures India said, “Vayana’s platform has disrupted the traditional landscape enabling the much-needed access to working capital for the SMEs to help them grow faster. Achieving a $1 billion run rate in Q1FY19 is a significant milestone. The potential market opportunity in India is in excess of $ 125 billion and is expected to be the fastest growing segment in corporate loans. We believe that Vayana will redefine and continue to be a dominant player in the short-term trade financing market with the singular vision of providing the simplest and easiest access to low-cost finance to its customers. We are excited to be a part of their journey and will continue to support their growth in the years to come.”