Pune-based fintech company Vayana Network claims to have disbursed loans worth $1 Bn on its platform. It caters to more than 250 corporate supply chains in the country.
The B2B supply chain financing company connects corporates with supply chains to enable easy, digital access to cost-effective trade financing of their payables and receivables.
Ramaswamy Iyer, the founder of Vayana Network, said that the company took four years to achieve this milestone, but is confident of doubling the figures within the next year.
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He said, “Initially, building this technology-enabled platform for small and micro enterprises was challenging, but now with e-way bill, goods and services tax, and rapid digitisation of payments, we should be able to scale up faster.”
The company has partnered with multiple banks and financial institutions to process loans for enterprises.
In an earlier statement, Vayana Network had claimed to have digitised over 500K invoices and said it covered more than 600 pin codes in over 150 cities in India across 15 different industries, from manufacturing to ecommerce.
Vayana Network is essentially addressing the financial needs of small enterprises that are suppliers or vendors to large corporate entities or could be buying products from them. Iyer said that the platform has already processed more than 6.5 lakh invoices with 45% of the borrowers coming from smaller towns and cities.
“We underwrite the corporate on the basis of valid trade flows and how closely the company is integrated with the supply chain, this makes the underwriting process quicker for us,” said Iyer. The company varies its interest range between 9-13% for every supply chain.
In July 2017, Vayana Network raised about $4 Mn Series A funding from venture capital firms IDG Ventures India and Jungle Ventures. Also, in May 2018, Vayana Network acquired SahiGST to add to its portfolio with Vayana GSP to strengthen its portfolio offerings in the GST and e-way bill space. Vayana GSP ensures uninterrupted access to GSTN through its highly available, scalable, and secure GSP.