Pune based Vayana Network received Series A funding of $4 million from IDG Ventures and Jungle Ventures. This follows an earlier round of investment in the company by Reliance Industrial Investments and Holdings (RIIHL) and couple of other investors.
Vayana Network is India’s largest technology based third-party B2B trade financing platform enabling supply chain financing electronically since 2011. Vayana has so far processed over R4,000 crores ($600 million) in supply chain financing through their lending partners.
Vayana brings together suppliers, buyers and the lenders on a single platform and industries avail short term financing for their buyers and suppliers. Vayana facilitates financing by matching invoices of the buyers and sellers and then matchmaking them with lending banks and NBFCs. RN Iyer, founder and CEO, Vayana Network, said the company is growing at 100% to 150% at present and “now with this fresh investments we will grow at 300% to 350%,” Iyer said.
This funding comes at a time when GST is driving a digital invoicing ecosystem in India and there is an increase in the velocity for trade based financing led by third party platforms globally.