[Update] Exclusive: Vayana Network Raises $20.5 Mn From SMBC Asia Rising Fund, Others

Update | Aug 13, 11:35 PM

Almost a couple of weeks after Inc42 exclusively reported about Vayana’s funding, the startup today (August 13) officially announced raising of $20.5 Mn as a part of its Series D funding round led by SMBC Asia Rising Fund. Vayana aims to use this funding to provide affordable financing throughout the supply chain, with the introduction of new products aimed at enhancing its suite of trade credit, compliance and risk management platforms.

Original Story | Jul 30, 4:48 PM

Mumbai-based trade financing startup Vayana Network is raising $20 Mn (INR 170.8 Cr) in its Series D funding round. 

As per the startup’s filing with the Ministry of Corporate Affairs (MCA), the round is being led by new investor SMBC Asia Rising Fund, which is infusing around INR 62.6 Cr.

The round will also see participation from Jungle Ventures, Chiratae Ventures, International Finance Corporation (IFC), Deep Financial, among others. 

Inc42 has learnt from sources that this is a tranche of the startup’s ongoing Series D funding round. 

Post the allotment, SMBC Asia Rising Fund will hold a 3.25% stake in the startup, while IFC will own 5.66%. 

As per Inc42’s calculations, the startup will be valued at around $240 Mn in this funding round. 

A query mail sent to Vayana Network didn’t elicit any response till the time of publishing this story. The article will be updated on receiving a response.

The latest development comes almost two years after Vayana Network raised INR 140 Cr ($15 Mn) in its Series C funding round. This investment came almost on the heels of the startup raising $38 Mn funding from Chiratae Ventures, CDC Group, and Jungle Ventures.

Founded in 2009 by Ramaswami Iyer, Vayana Network is a B2B trade financial intermediary which connects SMEs and corporates with financial institutions for low-cost access to trade loans.

Vayana Network claims to have enabled finance of over $10 Bn, including over a billion dollar of finance through B2B card flows to over 1.5 lakh MSMEs for over 1,000 supply chains in 25 different sectors. The startup connects over 1,000 corporates and their trade ecosystems to provide digital, convenient, and affordable access to credit for their payables and receivables. 

The startup has a presence across 600 cities and 1,400+ pin codes in India and 20 countries across the globe. It is also a GSP (GST Suvidha Provider) and provides its services to numerous corporates and lakhs of SMEs.  

Overall, it has raised around $57 Mn till date and counts CDC Group, IFC, Jungle Ventures, and PayU among its backers. 

In 2021, Vayana Network received an in-principle approval to set up ITFS (International Trade Finance Services) platform at GIFT City (Gujarat) under the aegis of the International Financial Services Centres Authority (IFSCA).

Vayana Network competes against the likes of Vivriti Capital, Yubi, KreditBee, and FinAGG.

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