Digital trade financing company Vayana Network has raised 4 million in series A round funding from venture capital firm IDG and Jungle Ventures.
The company wants to use the newly raised funds to push the company’s GST-related services through a continuous streaming product called Vayana Invoice Confirmation and Acceptance Services (VICAS). Apart from this, the company will use the funds to fuel marketing and global push.
Commenting on the fund release, TCM Sundaram, founder and managing director, IDG Ventures India said, “Vayana Network has built a strong leadership position in the short-term trade finance space by bringing together suppliers, buyers and lenders on a single platform. With its role as a GSP, Vayana is in a unique position to bring the much-needed financing to the SMEs and help them grow faster.”
Vayana Network was founded by R N Iyer who previously co-founded CashTech Solutions, a cash management vending solutions provider, which was acquired by Nasdaq-listed Fundtech. Iyer who is an IIM Ahmedabad alumnus comes with consulting background and had previously worked with Accenture’s management consulting, financial services and logistics divisions.
Pune-based Vayana Network is a fintech startup that provides a digital platform for short-term trade financing. The platform enables businesses and their trade partners to capture their receivable and payable trades electronically. It further allows them to finance through banks and financial institutions.
“This funding comes at an exciting time with GST driving the digital invoicing ecosystem in India and in the backdrop of increasing velocity for trade-based financing led by third-party platforms, globally. We plan on offering several value-added services for our clients to help them take advantage of the trade data,” said R N Iyer, Founder and CEO of the company.
The company has partnered with five banks and four NBFCs and claims to processed over Rs 4,000 crores across large and medium corporates, besides SMEs.
In May this year, Vayana had split from its parent company Vayana Pvt. Ltd in a slump purchase that has helped the company to be more viable for investors. Among the high profile, investors in VPL include Mukesh Ambani’s RIL, which is a shareholder of Vayana Networks as well.
SEE ALSO: Best Free Audio Editing Software
SEE ALSO: Best Free Music Production Software
SEE ALSO: Best Alexa Commands List
SEE ALSO: Best Free VST Plugins
SEE ALSO: Best DAW for Windows and Mac
SEE ALSO: Best Chatbots Your Business
SEE ALSO: Best Way to File GST Online
SEE ALSO: Best Slideshow Makers
SEE ALSO: How To Earn Money From Bitcoin
SEE ALSO: Best Free Antivirus for Mac
SEE ALSO: Best Free YouTube Video Editors
SEE ALSO: Best Free YouTube Downloaders