Vayana Network raises INR 283 crore in Series C funding round
Mumbai, 11 November, 2021: India’s largest trade finance platform, Vayana Network, announced the raising of INR 283 crore in Series C funding round. Vayana saw participation from existing and new investors, including Chiratae Ventures, CDC group, Jungle Ventures, March Capital, Marshall Wace and some of the large family offices from India and abroad.
Sharing his thoughts, Ram Iyer, Founder and CEO, Vayana Network said, “Over the last 4 years, we have grown 20x on quarterly financing volumes and have reached USD 8 bn in total financing to date. But more than these numbers, we have always defined our role as enablers who provide access to affordable and convenient finance to every member of the supply chain. We have strongly believed that every segment of the supply chain and for every type of trade, there needs to be a relevant product that allows the business to grow sustainably. Given our strong presence in credit enabling infrastructure such as GST and e-invoicing coupled with the launch of our Good Business Score (GBS), we have managed to reach the smallest of businesses, connecting them to the largest lenders. Our investors Chiratae and Jungle placed trust in us from the beginning and now we have some incredible global financial institutions, development institutions and growth funds strengthening us to accelerate our journey to this goal.”
TC Meenakshi Sundaram, MD and Co-Founder, Chiratae Ventures, which has been one of the earliest investors in Vayana said, “Vayana has been committed to making trade finance easier, accessible and affordable for all businesses in a supply chain, irrespective of size. This single-minded focus has helped them to grow at a rapid pace and become the market leader. Across the globe and especially in India, MSMEs play the crucial role of being growth engines of an economy; despite which they suffer from delayed payments and lack of access to low-cost formal sources of finance. Vayana not only facilitates access but has worked towards making MSMEs credit ready through its GST compliance and analytics business. In Vayana, we have found the right partner to provide a solution for cash flow based lending, while simultaneously helping small businesses grow sustainably.”
According to Amit Rajpal, Chief Executive Officer Asia and Portfolio Manager of Marshall Wace, “The supply chain industry in India is at a place that requires new-age startups, like Vayana, that build key financial infrastructure for all stakeholders to easily operate with transparency and fluidity.”
Vayana creates supply chain finance programs that help in lowering the credit costs by over 50% and improving the coverage by 100%. Vayana’s compliance business which consists of GST Suvidha Provider (GSP) services holds over 20% market share of the e-invoicing in India. The analytics business (GBS) helps customers to monitor the health of their business. Vayana recently received in-principle approval to set up an ITFS platform at the GIFT City (Gujarat).
Iyer added, “Our vision is to create an ecosystem where financing is embedded in a transaction and becomes an almost invisible part of any B2B trade – as simple as swiping a credit card. With our existing and upcoming suite of products, we will solve related challenges such as market discovery, effortless compliance and monitoring, helping every business in a supply chain operate at its best.”
About Vayana Network-
Vayana Network is one of India's largest Supply Chain Finance platform in India, having enabled finance of over USD 8 Billion, including over a billion-dollar of finance through B2B card flows to over 22,000 MSMEs for over 1000 supply chains in 25 different sectors. Vayana connects over 1000 corporates and their trade ecosystems to provide digital, convenient, and affordable access to credit for their payables and receivables. With its proprietary technology, Vayana has processed over 1.7 million transactions and offers a zero-change experience to customers. The network today spans across 600 cities and 1150+ pin codes in India and extends to 20 countries across the globe. The company is increasingly catering to the smallest of MSMEs in the long tail of the supply chains. Vayana is also one of the largest GSP (GST Suvidha Provider) in the country, facilitating, GST, E-Way bill and E-invoice for numerous corporates and lakhs of SMEs. The GSP platform has witnessed over a billion-plus API calls in GST and e-invoicing, with zero downtime. Since its launch, 1 in 4 e-invoices have been generated by Vayana.
About Chiratae Ventures
Launched in 2006, Chiratae Ventures India Advisors (formerly IDG Ventures India) is India’s leading technology Venture Capital funds advisor. The funds advised by Chiratae Ventures India Advisors collectively $ 950 Million under management and 100+ investee companies across Consumer Media & Tech, Cloud/Software, Health-tech, and Fin-tech. Notable portfolio companies include Lenskart, Policy Bazaar, Myntra, Bounce, Cure.fit, FirstCry, GoMechanic, MyGlamm, Uniphore, Newgen (NSE: NEWGEN), and PlaySimple among others. To date, the fund has recorded 3 IPOs, 38 exits, and 5 Unicorns.
About March Capital
March Capital is a top-tier venture growth firm headquartered in Santa Monica, California and investing globally since 2014. March identifies entrepreneurs with a provocative vision to lead the future and later-stage companies poised for hyper-growth, then dares to go all in by leading rounds with deep conviction and concentration risk. With $1B+ in capital over 3 funds and across 30 market-leading technology companies, March accelerates the digital transformation of Cloud-based software, automation, AI & IT infrastructure. Our vision is to create a best-in-class technology investment platform by combining intense sector focus, patience, access to a global leadership network (including founding The Montgomery Summit), and high-impact portfolio engagement to inspire & accelerate extraordinary companies.