Vayana Network Raises $4 Million From IDG Ventures and Jungle Ventures


Pune. July 13, 2017

Pune-based Vayana Network received Series A funding of USD 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 a 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 (USD 600 million) in financing via 9 lending partners (5 Banks and 4 NBFCs) across large, medium corporates and SMEs in India. The GSTN selected Vayana Network as one of the 34 GST Suvidha Providers (GSP), to facilitate smoother transitions from 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, Mr. 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 Suppliers, Buyers and, 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.”

About IDG Ventures India Advisors|

Launched in 2007, IDG Ventures India Advisors is India’s leading technology Venture Capital funds advisor, advising funds under the IDG Ventures India banner, and multiple domestic funds – Pandara Trust and Chiratae Trust. The funds collectively have over $450 Mn under management and 70+ investee companies across Consumer Media & Tech, Cloud/Software, HealthTech, and FinTech. Notable portfolio companies in India include Fintellix (acquired by Verisk), FirstCry, Flipkart, Forus, Lenskart, Manthan, Myntra (acquired by Flipkart), NestAway, Newgen, Rentomojo, Unbxd and Yatra (NASDAQ: YTRA) among others.

About IDG Ventures Global Network|

IDG Ventures is a global network of Venture Capital funds across Asia and North America with more than $3 billion currently under management and a portfolio of over 500 companies built over the last 20 years. The IDG Ventures network has access to an unparalleled combination of global publishing (IDG Media) and market research (IDC Research) through the IDG platform.

About Jungle Ventures|
Jungle Ventures is Singapore based Venture Capital Firm that invests in and helps build tech category leaders from Asia. It has a dedicated team of operating partners and functional experts to support Startups as they scale across the region or globally. The firm recently closed its second fund at US$100M, backed by leading institutions and family offices.

About Vayana Network|
Vayana Network is the simplest way for Buyers and Sellers to get their Trade transactions reconciled, filed and financed. 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. Vayana Network is also a GST Suvidha Provider, authorized by GST Network.