Mumbai, 12 November, 2021 : India’s largest trade finance platform, Vayana Network, announce 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.
Ram Iyer, Founder and CEO, Vayana Network Said :
TC Meenakshi Sundaram, MD and Co-Founder, Chiratae Ventures, which has been one of the earliest investors in Vayana Said :
Amit Rajpal, Chief Executive Officer Asia and Portfolio Manager of Marshall Wace, Said :
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).
Ram Iyer Added :
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.