Vayana Network hits $1bn in trade financing

Source: The Global Treasurer

The Indian short-term trade finance platform has so far processed more than 650,000 transactions and predicts it will more than double the milestone $1bn it has already facilitated within the next year.

India’s largest third-party short-term trade finance platform, Vayana Network, has crossed the $1bn mark for trade financing.

Vayana’s cloud-based network enables businesses and their trade partners to have fast digital access to financing from institutions such as banks and NBFCs at better than market rates.

Vayana has facilitated short-term trade financing of $260m in Q1 of the 2018-2019 financial year – five times more than in Q1 FY2017-2018 and 106% more than in the previous quarter. With more trade financing programs expected to go live, in 2019 Vayana is on track to more than double the $1bn facilitated to date.

The network has processed more than 650,000 transactions so far in India and has helped finance more than 1,000 SMEs, with customers spread across more than 150 cities.

Vayana’s key markets outside India include Southeast Asia and the US, where it has customers in 12 states, with suppliers located in 20 different countries.

Ram Iyer, founder & CEO of Vayana Network said, “This is an incredible milestone for us as we continue to exponentially grow the volume of transactions on our network.

“We have quickly established ourselves as the market leader in facilitating low-cost, hassle-free short-term trade finance for corporates and their SME counterparts. We will continue to build on this foundation and intend adding at least 500 new customers this year.”

Vayana Network raised $4m from IDG Ventures and Jungle Ventures in June 2017. TC Meenakshisundaram, founder & managing director of IDG Ventures India said, “Vayana’s platform has disrupted the traditional landscape, enabling much-needed access to working capital for SMEs to help them grow faster.

“The potential market opportunity in India is in excess of $125bn 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.”