Credit and Finance for MSMEs: Trade financing startup Vayana Network on Wednesday announced it has raised Rs 114 crore as part of its Series C funding from International Finance Corporation (IFC) and PayU. The company said it plans to use the funds to build products focused on helping MSMEs better manage their working capital and become credit ready. Vayana Network has already raised Rs 283 crore in its existing round from new and existing investors, including Marshall Wace, March Capital, Chiratae Ventures, CDC group, Jungle Ventures, and well-established family offices in India and abroad.
“While we are set to do more than $10 billion (Rs 76,500 crore) of trade financing in India alone this financial year, we are focusing on creating tools and infrastructure to help small businesses manage their working capital efficiently and sourcing trade finance at the most affordable rates. We will continue to build on our leadership role in public trade infrastructure including GST, e-Invoice and e-Way Bill and embedding credit for every business in the supply chain,” said Ram Iyer, Founder and CEO, Vayana Network.
The company will also launch Vayana ITFS (International Trade Finance Services) platform at GIFT City, Gujarat in the current financial year. The platform will enable exporters and importers to access international trade finance facilities at competitive rates, added Iyer.
