Mumbai-based supply chain finance provider Vayana Network has closed Series C round with Rs 114 crore from International Finance Corporation (IFC) and Prosus-owned PayU in addition to Rs 283 crore secured in November, taking the cumulative total to Rs 397 crore. Other participants include Chiratae Ventures, CDC Group, Jungle Ventures, March Capital, Marshall Wace, and some family offices in India and abroad.
The startup plans to use the fresh cappital to launch newer products to cater to “every segment of the supply chain and for every type of trade”. It further plans to invest in technology, hire across functions, and build partnerships in the ecosystem.
Founded in 2017 by Ram Iyer, Vayana aims to democratise the access to trade finance to the smallest of enterprises. The trade finance platform provides easy, digital access to low-cost financing to every enterprise – from large corporations to MSMEs – to help manage their working capital, grow business and create employment. It also makes MSMEs ‘credit ready’ – by simplifying E-Invoicing, E-Way Bill and GST Compliance.
Vayana claims to have enabled $1 Bn+ financing through B2B card flows to 22K+ SMEs. Its base currently includes 1K+ supply chains in 25 different sectors across 20+ countries, including the US, Singapore.
In 2018, the startup acquired SahiGST, a startup offering cloud-based GST return filing and compliance solutions. Thus, it added GST and E-Way Bill space to its portfolio offerings. TCiting a World Bank report, Vayana says MSMEs in India face a $380 billion credit gap, providing ample opportunity for the startup to grow and thrive. A number of startups looking to bridge this credit gap have cropped up over the last couple of years