As of the latest news on Wednesday, Trade Finance startup Vayana Network reported that it has successfully acquired funding of Rs 114 crore as a part of its Series C funding from International Finance Corporation (IFC) and PayU. As per the company, the accumulated funds will be utilized for introducing products focused on supporting MSMEs, efficiently dealing with their working capital, and improving their creditworthiness. The reports say that the startup has already achieved the funding of Rs 283 crore in its current round from new and existing investors, including Marshall Wace, March Capital, Chiratae Ventures, CDC group, Jungle Ventures, and well-established family workplaces in India and abroad.
Ram Iyer, Founder, and CEO, of Vayana Network, stated, “While we have our eyes on raising over $10 billion (Rs 76,500 crore) of trade financing in India solely in this financial year, we are trying to introduce tools & infrastructures to encourage small organizations to handle their working capital better and obtaining trade finance at the fairest rates. We will keep expanding 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.”
Apart from this, the company is also expected to launch ITFS (International Trade Finance Services) platform at GIFT City, Gujarat in the current financial year. This platform will help exporters and importers to receive global trade finance services at competitive rates, explained Iyer.
Read more: https://www.emeriobanque.com/news/trade-finance-network-vayana-raises-114cr-from-ifc-payu
