Digital trade financing network and a Goods and Services Tax Network (GSTN) provider, Vayana Network, has bagged over Rs 25.7 crore from IDG Ventures and Jungle Ventures in series A funding.
The Pune based network facilitates trade between businesses and helps finance small and medium enterprises (SMEs) through electronic payments and partnerships with various financial institutions. It is also among 34 GST providers approved by the government to facilitate GST for businesses currently.
Vayana had raised its first external round of funding led by Reliance Industrial Investments and holdings Ltd. A couple of other investors had also participated in this round.
A big thank you to our amazing team that has made this possible. Each one of us feel incredible for our achievement. pic.twitter.com/5WkTVLaEMr
— Vayana Network (@vayananetwork) July 18, 2017
“This funding comes at an exciting time with GST driving a digital invoicing ecosystem in India and in the backdrop of increasing velocity for trade-based financing led by third party platforms globally. Our mission from day one has been to focus on designing the simplest possible process for corporate of all sizes and from different industries to avail short term financing for their buyers and suppliers,” said RN Iyer, Founder and Chief Executive Officer (CEO) of Vayana Network.
The company claims to be the country’s largest technology-led third party business-to-business (B2B) trade financing platform. It has processed over Rs 4,000 crore in financing via a number of lending partners like Axis Bank, Religare SME Loans, DBS and Tata Capital apart from payment facilitator MasterCard. The equity investment will be used to further strengthen its B2B trade financing network both in India and abroad.
SMEs in India supply over 45 per cent of industrial production and employ over 50 million people and the company plans to roll out value-added services to utilise trade data for their clients.
“Today’s supply chains must be dynamic and as a result supply chain financing is a data and performance analytics oriented business. With years of transaction data and GSP (GST Service Provider), Vayana Network is best positioned to help banks and financial institutions capture this opportunity in a forward-looking manner,” said Amit Anand, founding Partner of Jungle Ventures.
We thank our investors @IDGVC_India & @jungleventures for showing confidence in us and investing their valued resources in our company. pic.twitter.com/bv9eXuKfjd
— Vayana Network (@vayananetwork) July 18, 2017
