Trade financing startup Vayana Network raises $20 million in Series D funding round

Pune-based trade financing startup Vayana Network has raised Rs 170.8 crore in a Series D funding round.

The board at Vayana Network has passed a special resolution to issue 14,62,341 series D CCPS at an issue price of Rs 1168.27 each to raise Rs 170.8 crore or $20.5 million, Entrackr reported citing regulatory filing accessed from the Registrar of Companies (RoC).

Who are the investors?

The funding round was led by SMBC Asia Rising Fund, which contributed Rs 62.6 crore. Other significant contributors included Chiratae, which invested Rs 41.74 crore, and the International Finance Corporation (IFC), which contributed Rs 24 crore.

Additionally, Jungle Leaders, Quantum-state investment fund, and Emerald collectively participated with Rs 42.4 crore.

Purpose of fundraising

Prior to this round, Vayana Network raised $15 million in a Series C funding round in April 2022 from IFC and PayU.

The report said the startup will use the raised capital for further expansion and general corporate purposes.

What does Vayana Network do?

Founded in 2009 by Ramaswamy Iyer, Vayana Network provides digital access to low-cost financing for suppliers and small enterprises in various sectors, including automotive, fast-moving consumer goods (FMCG), and manufacturing.

The startup is also a GST Suvidha Provider (GSP), facilitating GST, e-way bill, and online invoicing for corporates and MSMEs.

In December last year, It partnered with Singapore-based InvestaX to offer debt-based financial products in the APAC markets.