Trade credit infrastructure platform Vayana Tuesday said it raised $20.5 million (Rs 172 crore) as part of its ongoing Series D funding round, led by SMBC's Asia Rising Fund.
Existing investors such as the International Finance Corporation (IFC), Chiratae Ventures, and Jungle Ventures, as well as family offices like Quantum State Investment Fund and Emerald Company Pvt. Ltd participated in the funding round.
With the funding round, Vayana aims to introduce new products aimed at improving its suite of trade credit, compliance, and risk management platforms.
"We were among the initial investors in Vayana and steadfast supporters of their vision to be a one-stop solution for all trade finance solutions for MSMEs, enterprises and lenders on their technology and underwriting platform across rounds," said TCM Sundaram, founder and vice chairman, Chiratae Ventures. “Vayana is fulfilling a vital gap for MSMEs in their growth to significantly contribute in India's journey to become third largest economy.”
The company provides a full stack of trade credit assessment, monitoring, and trade document processing. It claims to be facilitating over $1 billion of financing every month by banks and NBFCs to over 3000 supply chains and their constituents distributed across the country.
"Since our initial financing in 2017, Vayana has facilitated over $33 billion in financing, served over 300,000 Indian enterprises, and covered over 3,000 supply chains," said Manpreet Ratia, Partner, Jungle Ventures. “We're excited to continue supporting Vayana in building India's largest and most affordable trade financing Institution and providing solutions across every layer of the supply chain.”
Prior to this, Vayana raised nearly Rs 390 crore in its Series C funding from IFC, PayU, Chiratae, British International Investments, Jungle Ventures, March Capital, Marshall Wace and some large family offices from India and abroad.
