In order to finance its objectives for introducing additional products, the trade financing platform Vayana has successfully collected $20.5 million from investors, with the Sumitomo Mitsui Banking Corporation (SMBC) Asia Rising Fund leading the fund. Existing investors including the International Finance Corporation (IFC), Chiratae Ventures, Jungle Ventures, and family offices like Quantum State Investment Fund and Emerald Company also contributed to the Series D fundraising round.
According to a statement issued by the Pune-based business, the additional funding would go toward the creation of new products that will improve Vayana’s trade credit, compliance, and risk management platforms.
In India, micro, small, and medium-sized firms (MSMEs) account for 62% of employment and 30% of the country’s GDP, making them vital to the economy. It is believed that their continuous expansion is essential to taking advantage of India’s demography and fostering equitable growth throughout the nation. According to Ram Iyer, the founder and CEO of Vayana, their performance has been greatly aided by having access to embedded trade credit that is both reasonable and readily available.
Vayana was founded in 2017 by Ram Iyer and provides trade finance solutions to suppliers and small businesses across many industries, such as manufacturing, fast-moving consumer goods (FMCG), and automotive. Through relationships with banks and non-banking financial corporations (NBFCs), the platform purportedly facilitates over $1 billion in funding each month, supporting over 300,000 enterprises and more than 3,000 supply chains spread across 600 cities in India.
Vayana offers trade finance services as well as goods and service tax (GST), e-way bill, and online invoicing solutions for corporates and MSMEs as a GST Suvidha Provider (GSP).
The fintech division of a Dutch multinational, PayU, and IFC had previously contributed $15 million to the company’s funding round. Thus far, Vayana has raised more than $67 million in capital.
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