Vayana Network, a trade finance startup, announced it has raised Rs 114 crore (about $15 million) as an extension to its ongoing fundraise led by International Finance Corporation (IFC) and PayU, the payments and fintech arm of Dutch multinational, Prosus, according to ETtech report.
Earlier in November, the company had raised Rs 283 crore (or $37 million) from a set of new and existing investors including Marshall Wace, March Capital, Chiratae Ventures, CDC group, Jungle Ventures, among others.
With this, the company has closed its current fundraising with a total raise of Rs 397 crore (or roughly $52 million).
Founded in 2016 by Ramaswamy Iyer, Vayana Network provides trade finance to suppliers and small enterprises, across industries of automotive, fast moving consumer goods (FMCG), manufacturing among others. The company is also a GST Suvidha Provider (GSP) facilitating, GST, e-way bill and online invoicing for corporates and MSMEs.
“We continue to be bullish on our expansion and will now focus further on the MSME credit, in line to have deeper inroads into the trade financing … We also have received license for international trade finance and will power credit for export and import used cases,” said Iyer.
“This fiscal year we will see the launch of Vayana ITFS (International Trade Finance Services) platform at GIFT City (Gujarat), which will enable exporters and importers access international trade finance facilities,” Iyer added.
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