Vayana Network raises $4 mn from IDG Ventures, Jungle Ventures

Source: DNA

Pune-based trade financing platform Vayana Network today said it has raised USD 4 million (about Rs 26 crore) from IDG Ventures and Jungle Ventures.

The equity investment will be used to further strengthen the B2B trade financing network both in India and abroad, the company said in a statement.

Vayana Network, which was selected by GSTN as one of the 34 GST Suvidha Providers (GSP), recently split from parent company Vayana Pvt Ltd (VPL).

Vayana Network Founder and CEO RN Iyer 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.”

Vayana Network is a technology based third-party B2B trade financing platform and claims to have so far processed over Rs 4,000 crore in financing via nine lending partners across large, medium corporate and SMEs in India.

“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,” Jungle Ventures Founding Partner Amit Anand said.