Source: BW Disrupt
Vayana Network has lending partners including PSU Banks, Private Sector Banks, global MNCs and NBFCs. The Network today covers 500+ pin codes in over 150 cities in India across 14 different industries.
Pune based Vayana Network has received Series A funding of $4 million from IDG Ventures and Jungle Ventures. This follows an earlier round of investment in the company by Reliance Industrial Investments and Holdings Ltd (RIIHL) and couple of other investors.
Vayana Network is India’s largest technology based third-party B2B trade financing platform and has so far processed over Rs. 4,000 crores ($600 million) in financing via 9 lending partners (5 Banks and 4 NBFCs) across large, medium corporates and SMEs in India. Vayana was selected by GSTN as one of the 34 GST Suvidha Providers (GSP), to facilitate smoother transition by businesses to GST. The equity investment will be used to further strengthen its B2B trade financing network both in India and abroad.
Commenting on the latest round of funding, R N Iyer, Founder and CEO, Vayana Network, said “This funding comes at an exciting time with GST driving a digital invoicing ecosystem in India and in the backdrop of increasing velocity for trade based financing led by third party platforms globally. Our mission from day one has been to focus on designing the simplest possible process for corporates of all sizes and from different industries to avail short term financing for their buyers and suppliers. Our special focus on trade documentation has also enabled us to play an important role in GST regime. We plan on offering several value-added services for our clients to help them take advantage of the trade data.”
According to TCM, Founder and Managing Director IDG Ventures India, – “Vayana Network has built a strong leadership position in the short-term trade finance space by bringing together the suppliers, buyers and the lenders on a single platform. With its role as a GSP, Vayana is in a unique position to bring the much-needed financing to the SMEs and help them grow faster.”
Added Amit Anand, Founding Partner, Jungle Ventures, – “Like many other things India is going to leapfrog existing supply chain financing solutions. Today’s supply chains must be dynamic and as a result supply chain financing is a data and performance analytics oriented business. With years of transaction data and GSP, Vayana Network is best positioned to help banks and financial institutions capture this opportunity in a forward-looking manner.”