Vayana Network secures Rs 114 Cr to boost formal trade credit to micro & small business

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Vayana Network, a trade finance network has announced that it has raised a Rs 114 Crore as part of its Series C funding from International Finance Corporation (IFC) and PayU (Payments and Fintech business of Prosus).

The platform plans to use the funds to build products focused on helping MSMEs better manage their working capital and become credit ready.

The platform had already raised Rs 283 Crore as a part of a Series C round from new and existing investors, including Marshall Wace, March Capital, Chiratae Ventures, CDC group, Jungle Ventures, and well-established family offices in India and abroad.

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Speaking on the fundraise, Ram Iyer, Founder, and CEO, of Vayana Network, said, “To have the backing of global investment firms and financial institutions is a strong endorsement of our commitment to democratize small businesses and making them credit ready. While we are set to do more than USD 10 bn of trade financing in India alone this financial year, we are focusing on creating tools and infrastructure to help small businesses manage their working capital efficiently and sourcing trade finance at the most affordable rates. We will continue to build on 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. FY 23 also will see the launch of the Vayana ITFS (International Trade Finance Services) platform at GIFT City (Gujarat), which will enable exporters and importers to access international trade finance facilities at competitive rates”

Commenting on the investment, Wendy Werner, India Country Head at IFC said, “IFC is a leading investor in financial technology, with an extensive portfolio in digital lenders and supply chain finance (SCF) platforms across emerging markets. By supporting the rapid growth of a key player in India’s digital SCF infrastructure, IFC will contribute toward increased data and financial integration, enabling better assessment of risk and provision of tailored financing.”

“As a result, this will expand access to finance for MSMEs deep in supply chains while helping the MSME ecosystem emerge from the COVID-19 crisis on a more resilient footing,” she added.

Further talking about the funding round, Vijay Agicha, Global Head of Strategy & Growth, PayU, said, “PayU & Vayana both share a common vision of democratizing SME’s access to finance through technology. The collaboration between both companies will lead to multiple synergies with PayU’s merchant ecosystem, especially the SME transaction platform & SME lending portfolio. This investment is aligned with our ambition to capture the broader India SME credit opportunity. Vayana is led by a strong founder and a best-in-class team with deep expertise in supply chain financing. We are excited to partner with them and look forward to co-creating products to address the specific needs of our combined merchant base.”

Krishna Mali
Krishna Mali
Founder & Editor of TechGraph.

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