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PayU-backed Vayana raises $20.5 million in Series D funding round
Source: Business Standard
PayU-backed fintech Vayana today announced that it has raised $20.5 million as part of its ongoing Series D funding round led by Sumitomo Mitsui Banking Corporation’s (SMBC) Asia Rising Fund, with participation from existing investors such as the International Finance Corporation (IFC), Chiratae Ventures, and Jungle Ventures.
The company said the fundraise saw participation from family offices such as Quantum State Investment Fund and Emerald Company.
Vayana expects the funding to accelerate supply chain financing, introduce new products, and improve its suite of trade credit, compliance, and risk management platforms.
It raised $15 million as part of a Series C funding round in 2022, according to data from market intelligence platform Tracxn.
Cumulatively, the company has raised $80.2 million in funding to date.
“Access to affordable and embedded trade credit represents the best catalyst to aid their success. We also believe that this goal requires the support of highly experienced financial services investors, and we are glad to have the backing of SMBC Asia Rising Fund as well as our current investors in this round,” said Ram Iyer, founder and chief executive officer (CEO), Vayana.
The company provides a full stack of trade credit assessment, monitoring, and trade document processing.
The Pune-based company claims to facilitate over $1 billion of financing every month by banks and non-banking financial companies (NBFCs) to over 3,000 supply chains and their constituents distributed across the country.
“Since our initial financing in 2017, Vayana has facilitated over $33 billion in financing, served over 300,000 Indian enterprises, and covered 3,000+ supply chains,” said Manpreet Ratia, partner, Jungle Ventures.
The company had raised $4 million from venture capital firms IDG Ventures India and Jungle Ventures in 2017.
First Published: Aug 13 2024 | 4:54 PM IST
