Indian trade finance platform Vayana Network announced on November 11 that it has raised Rs 283 crore in Series C funding round.
The firm received funding 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.
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"Over the last 4 years, we have grown 20x on quarterly financing volumes and have reached $8 billion in total financing to date. But more than these numbers, we have always defined our role as enablers who provide access to affordable and convenient finance to every member of the supply chain. We have strongly believed that every segment of the supply chain and for every type of trade, there needs to be a relevant product that allows the business to grow sustainably," Vayana Network's Founder and CEO Ram Iyer said.
"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," he added.
According to Chiratae Ventures's MD TC Meenakshi Sundaram, Vayana has been committed to making trade finance easier, accessible and affordable for all businesses in a supply chain. "In Vayana, we have found the right partner to provide a solution for cash flow based lending, while simultaneously helping small businesses grow sustainably," he added.
Vayana claims that its compliance business -- which consists of GST Suvidha Provider (GSP) services -- holds over 20 percent market share of the e-invoicing in India. Its analytics business (GBS) helps customers to monitor the health of their business, the firm added.
Vayana recently received in-principle approval to set up an ITFS platform at the GIFT City (Gujarat).
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