Trade finance platform, Vayana Network raises Rs 114 crore as a part of its Series C funding from International Finance Corporation (IFC) and PayU, the funds and fintech enterprise of Prosus. The startup had raised Rs 283 crore in November ’21 from Marshall Wace, March Capital, Chiratae Ventures, CDC group, Jungle Ventures and household places of work in India and overseas. The latest funding takes the full to Rs 397 crore.
Ram Iyer, founder and CEO of Vayana Network, mentioned, they’d be launching the Vayana ITFS (International Trade Finance Services) platform at GIFT City (Gujarat), which is able to allow exporters and importers to entry the worldwide commerce finance amenities at aggressive charges. “Vayana ITFS will be launched by end of Q1FY23,” Iyer mentioned.
As the platform is positioned at GIFT City SEZ, it might open up the market to any financial institution or monetary establishment wherever on the earth. Global lenders would be capable of bid for loans on the platform and result in SMEs getting loans at a decrease value of round 12% each year on the ITFS platform in comparison with the 18-36% curiosity they pay at current.
“To have the backing of global investment firms and financial institutions is a strong endorsement of our commitment to democratise small businesses and making them credit ready,” Iyer mentioned.
Wendy Werner, India nation head at IFC mentioned by supporting the fast development of a key participant in India’s digital provide chain finance infrastructure, IFC would contribute in direction of elevated information and monetary integration, enabling higher evaluation of danger and provision of tailor-made financing.
Vijay Agicha, world head of technique and development at PayU mentioned each the businesses wished to democratise SMEs’ entry to finance by way of expertise. The collaboration would result in a number of synergies with PayU’s service provider ecosystem that included the transaction platform and SME lending portfolio, he mentioned.
Vayana additionally plans to make use of the funds to construct merchandise targeted on serving to MSMEs handle their working capital effectively and sourcing commerce finance on the most inexpensive charges. Vayana has to this point enabled finance of over $10 billion within the nation and processed over two million transactions throughout 600 cities and 1,400 pin codes. Vayana’s FY22 disbursals crossed the Rs 30,000 crore mark. There are 17 banks and NBFCs on its platform with six extra becoming a member of quickly. Vayana can also be one of many largest GST Suvidha Provider within the nation, facilitating, GST, e-way payments and e-invoices for corporates and lakhs of SMEs.
Source: www.financialexpress.com”