Source: Technology News Extra
Vayana Network, the Trade financing company, recently separated from Vayana (VPL), its parent company. And now it has lifted $4 Million or almost 26 Crore from business capital company Jungle Ventures and IDG Ventures India.
Vayana Network, that is located in Pune, was shaped in May this year by crash acquirement of the business from VPL.
“This separation permitted a much more targeted business for both Vayana Network and VPL. It made it simpler to make investor interest,” RN Iyer, CEO of the company said to the media in an interview. Most of the VPL investors, comprising Reliance Industrial Investments and Holdings of Mukesh Ambani, are also stakeholders in Vayana Networks.
Vayana Network offers a digital platform for temporary business financing, which assist companies to organize programs with financial organization to assist their buyers or sellers to finance sales or purchases. Normally, the rules of trade are 30–90 Days often expanding to 120 Days, and if one of the clients requires operational capital, Vayana Network assists them digitally get authorization to loans.
Vayana Network has tied up with 4 NBFCs and 5 banks, and has up to now eased 4,000 of financing, operating with 180 companies for their supply chain all over 15 industries.
“At Vayana, all the clients comprising sellers, buyers, and funders are on the similar platform. Also, the loans are not completed via the balance of Vayana, but are completed by lenders. So the company does not take any jeopardy,” claimed MD at IDG Ventures, TC Meenakshisundaram, to the media in an interview.
The new capital will be utilized mostly to develop the GST-related services of the company that will assist suppliers and buyers match invoices via a nonstop streaming product .The firm will operate with VPL to send invoices to the GST Network portal.
“We will utilize the funds to spend in market growth activities. We will also seek at a global participation,” Iyer claimed to the media in an interview.
Some of the companies of VC other than financial technology investments comprise credit aiding platform Fintellix and CreditMantri. Both of them offer banking information management solutions.