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 including the International Finance Corporation (IFC), Chiratae Ventures and Jungle Ventures.
The company said family offices Quantum State Investment Fund and Emerald Company participated in the fundraising.
Vayana expects the funding to accelerate supply chain finance, introduce new products and enhance its suite of trade credit, compliance and risk management platforms.
It raised $15 million in a Series C funding round in 2022, according to data from market intelligence platform Tracxn.
In total, the company has raised $80.2 million in funding to date.
“Access to affordable and integrated business credit represents the best catalyst to help these companies succeed. We also believe that this goal requires the support of highly experienced financial services investors, and we are pleased to have the backing of SMBC Asia Rising Fund as well as our existing investors in this round,” said Ram Iyer, Founder and CEO of Vayana.
The company offers a full set of services for commercial credit assessment, monitoring and processing of commercial documents.
The Pune-based company claims to facilitate over $1 billion in financing every month from banks and non-banking financial companies (NBFCs) to over 3,000 supply chains and their constituents spread across the country.
“Since our initial funding in 2017, Vayana has facilitated over $33 billion in funding, served over 300,000 Indian businesses and covered over 3,000 supply chains,” said Manpreet Ratia, Partner at Jungle Ventures.
The company had raised $4 million from venture capital firms IDG Ventures India and Jungle Ventures in 2017.
First published: August 13, 2024 | 16:54 IS
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