Pune-Based Vayana Network Bags $4 Mn From IDG, Jungle Ventures In Series A Round

Source: Pixr8

Pune-based digital trade financing company Vayana Network Services Pvt. Ltd has raised $4 million ( Rs 26 crore) in a Series A round from IDG Ventures India Advisors Pvt. Ltd and Jungle Ventures Pte. Ltd.

“This funding comes at an exciting time with GST driving the digital invoicing ecosystem in India and in the backdrop of increasing velocity for trade-based financing led by third-party platforms, globally. We plan on offering several value-added services for our clients to help them take advantage of the trade data,” said R N Iyer, founder and CEO of the company.

Vayana Network provides a digital platform for short-term trade financing which helps corporates to set up programs with financial institutions to help their sellers or buyers to finance purchases or sales.

Vayana Network has also partnered with five banks and four NBFCs, and has so far facilitated 4,000 crore of financing, working with 180 corporates for their supply chain across 15 industries.

“At Vayana all the parties including buyers, sellers and funders are on the same platform. Also the loans are made by lenders and not through the balance of Vayana, so the company does not take any risk,” said TC Meenakshisundaram, MD at IDG Ventures.

The new funds will be used mainly to push the company’s GST-related services, which will helps buyers and suppliers match invoices through a continuous streaming product called Vayana Invoice Confirmation and Acceptance Services (VICAS). The company will work with VPL, which is one of the selected GST Suvidha Providers to route invoices to the GST Network portal.

In May this year, Vayana had split from its parent company Vayana Pvt. Ltd in a slump purchase.