Vayana, a trade finance platform, has successfully raised $20.5 million from investors, led by Sumitomo Mitsui Banking Corporation (SMBC) Asia Rising Fund, to support its plans for launching new products. The Series D funding round also included contributions from existing investors such as the International Finance Corporation (IFC), Chiratae Ventures, Jungle Ventures, and family offices like Quantum State Investment Fund and Emerald Company.
The fresh capital will be allocated towards the development of new products aimed at enhancing Vayana’s trade credit, compliance, and risk management platforms, as per a statement released by the Pune-based company.
Micro, small, and medium enterprises (MSMEs) in India play a crucial role in the economy, contributing 30% to the gross domestic product (GDP) and 62% to employment. Their continued growth is seen as key to leveraging India’s population demographics and promoting equitable growth across the country. Access to affordable and embedded trade credit is considered a vital catalyst for their success, according to Ram Iyer, the founder and CEO of Vayana.
Established in 2017 by Ram Iyer, Vayana offers trade finance solutions to suppliers and small enterprises in various sectors, including automotive, fast-moving consumer goods (FMCG), and manufacturing. The platform reportedly facilitates over $1 billion in financing each month through partnerships with banks and non-banking financial companies (NBFCs), serving more than 3,000 supply chains across 600 cities in India and supporting over 300,000 enterprises.
In addition to its trade finance services, Vayana is also a GST Suvidha Provider (GSP), offering goods and service tax (GST), e-way bill, and online invoicing solutions for corporates and MSMEs.
The company had previously raised $15 million from IFC and PayU, the fintech arm of a Dutch multinational. Overall, Vayana has secured over $67 million in funding to date.
