Vayana Network has announced the raising of Rs 283 crore in Series C funding round. Vayana saw participation from existing and new investors, including Chiratae Ventures, CDC group, Jungle Ventures, March Capital, Marshall Wace and some of the large family offices from India and abroad.
Ram Iyer, Founder and CEO, Vayana Network said, “Over the last 4 years, we have grown 20x on quarterly financing volumes and have reached $8 billion in total financing to date.. Our investors Chiratae and Jungle placed trust in us from the beginning and now we have some incredible global financial institutions, development institutions and growth funds strengthening us to accelerate our journey to this goal.”
TC Meenakshi Sundaram, MD and Co-Founder, Chiratae Ventures, which has been one of the earliest investors in Vayana said, “Vayana has been committed to making trade finance easier, accessible and affordable for all businesses in a supply chain, irrespective of size. This single-minded focus has helped them to grow at a rapid pace and become the market leader. . Vayana not only facilitates access but has worked towards making MSMEs credit ready through its GST compliance and analytics business. In Vayana, we have found the right partner to provide a solution for cash flow based lending, while simultaneously helping small businesses grow sustainably.”
Amit Rajpal, Chief Executive Officer Asia and Portfolio Manager of Marshall Wace, “The supply chain industry in India is at a place that requires new-age startups, like Vayana, that build key financial infrastructure for all stakeholders to easily operate with transparency and fluidity.”
Vayana creates supply chain finance programs that help in lowering the credit costs by over 50 percent and improving the coverage by 100 percent. Vayana’s compliance business which consists of GST Suvidha Provider (GSP) services holds over 20 percent market share of the e-invoicing in India. The analytics business (GBS) helps customers to monitor the health of their business. Vayana recently received in-principle approval to set up an ITFS platform at the GIFT City (Gujarat).
Iyer added, “Our vision is to create an ecosystem where financing is embedded in a transaction and becomes an almost invisible part of any B2B trade – as simple as swiping a credit card.”
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