Credit and Finance for MSMEs: Trade financing startup Vayana Network on Wednesday introduced it has raised Rs 114 crore as a part of its Series C funding from International Finance Corporation (IFC) and PayU. The firm stated it plans to make use of the funds to construct merchandise targeted on serving to MSMEs higher handle their working capital and turn out to be credit score prepared. Vayana Network has already raised Rs 283 crore in its current spherical from new and current traders, together with Marshall Wace, March Capital, Chiratae Ventures, CDC group, Jungle Ventures, and well-established household places of work in India and overseas.
“While we are set to do more than $10 billion (Rs 76,500 crore) of trade financing in India alone this financial year, we are focusing on creating tools and infrastructure to help small businesses manage their working capital efficiently and sourcing trade finance at the most affordable rates. We will continue to build on 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,” stated Ram Iyer, Founder and CEO, Vayana Network.
The firm may even launch Vayana ITFS (International Trade Finance Services) platform at GIFT City, Gujarat within the present monetary yr. The platform will allow exporters and importers to entry worldwide commerce finance services at aggressive charges, added Iyer.
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Vayana Network together with different commerce financing platforms akin to KredX, M1xchange, and RXIL was issued licenses final yr by the International Financial Services Centres Authority (IFSCA) to help exporters and importers. Established by the federal government, IFSCA is a unified authority for the event and regulation of monetary merchandise, monetary providers, and monetary establishments in India.
“By supporting the rapid growth of a key player in India’s digital supply chain finance (SCF) infrastructure, IFC will contribute toward increased data and financial integration, enabling better assessment of risk and provision of tailored financing,” stated Wendy Werner, India Country Head at IFC. According to Vayana Network, SCF is a $100 billion per 30 days alternative for monetary establishments and 53 per cent of organisations are underserved when it comes to credit score resulting from legacy methods and enterprise fashions.
Founded in 2017, Pune-based Vayana Network stated it has enabled finance of over $10 billion to over 1.5 lakh MSMEs for over 1,000 provide chains in 25 totally different sectors. Its community spans 600 cities in India and extends to twenty nations. According to Crunchbase knowledge, the corporate had general raised $57.2 million (over Rs 437 crore) until its final funding spherical in November 2021.
Source: www.financialexpress.com”