India’s Vayana secures $20.5m in Series D funding
Vayana, an Indian trade finance platform, has bagged $20.5 million as part of its ongoing Series D funding round spearheaded by SMBC’s Asia Rising Fund.
Vayana’s ongoing Series D lands $20.5 million
The round saw additional participation from existing backers Chiratae Ventures, Jungle Ventures and the International Finance Corporation (IFC), as well as family offices Emerald Company Pvt and Quantum State Investment Fund.
The cash infusion, which adds to the firm’s $15 million Series C raised in April 2022, will be used to drive a string of new product launches aimed at upgrading its range of risk management and compliance platforms.
Founded in 2017 and headquartered in Pune, Vayana specialises in B2B trade enablement and supply chain finance, offering solutions for document processing, trade credit assessment and monitoring.
The firm claims to be India’s largest GST Suvidha Provider (GSP), supplying SMEs and corporations with e-way bill filing, e-invoicing and goods and service tax solutions (GST).
Jungle Ventures partner Manpreet Ratia reports that since the firm’s initial financing in 2017, Vayana has facilitated over $33 billion in financing for over 300,000 Indian enterprises and more than 3,000 supply chains.
Vayana joins a notable group of Indian fintechs securing funding in 2024. For instance, Electronica Finance Limited, which focuses on MSMEs, raised $48 million in its Series B round in April. Additionally, lendtech CredAble secured $3.5 million in debt funding from the Small Industries Development Bank of India (SIDBI) in June.
