Trade Finance Startup Vayana Network Raises Rs 114 Cr To Support MSMEs In Trade Credit

As of the latest news on Wednesday, Trade Finance startup Vayana Network reported that it has successfully acquired funding of Rs 114 crore as a part of its Series C funding from International Finance Corporation (IFC) and PayU. As per the company, the accumulated funds will be utilized for introducing products focused on supporting MSMEs, efficiently dealing with their working capital, and improving their creditworthiness. The reports say that the startup has already achieved the funding of Rs 283 crore in its current round from new and existing investors, including Marshall Wace, March Capital, Chiratae Ventures, CDC group, Jungle Ventures, and well-established family workplaces in India and abroad.

Ram Iyer, Founder, and CEO, of Vayana Network, stated, “While we have our eyes on raising over $10 billion (Rs 76,500 crore) of trade financing in India solely in this financial year, we are trying to introduce tools & infrastructures to encourage small organizations to handle their working capital better and obtaining trade finance at the fairest rates. We will keep expanding our leadership role in public trade infrastructure including GST, e-Invoice, and e-Way Bill and embedding credit for every business in the supply chain.”

Apart from this, the company is also expected to launch ITFS (International Trade Finance Services) platform at GIFT City, Gujarat in the current financial year. This platform will help exporters and importers to receive global trade finance services at competitive rates, explained Iyer.

Last year, the International Financial Services Centers Authority (IFSCA) granted licenses to Vayana Network along with other trade financing platforms such as KredX, M1xchange, and RXIL to aid importers and exporters. IFSCA was laid out by the government as a unified authority for the evolution and regulation of financial instruments, financial services, and financial institutions in India.

“By encouraging the faster development of the vital participant in India’s digital supply chain finance (SCF) infrastructure, IFC will help in increased data and financial integration, empowering better evolution of risk and provision of customized financing,” said Wendy Werner, India Country Head at IFC. As per the Vayana Network, SCF is a $100 billion per month opportunity for financial institutions and 53 percent of businesses are inadequate in terms of credit because of the legacy frameworks and business structures.

Related Read: Trade Finance & SMEs - Reasons Why SMEs Opt For Trade Finance

Pune-based Vayana Network was established in 2017 stating it has empowered funding of over $10 billion to over 1.5 lakh MSMEs for over 1,000 supply chains in 25 different sectors. Its network covers 600 cities in India and extends to 200 nations. As per the Crunchbase data, the company had overall achieved funding of $57.2 million (over Rs 437 crore) till its last funding round in November 2021.

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