Startup providing trade financing Vayana Network has completed its Series D funding round, raising Rs 170.8 crore (roughly $20.5 million). The Pune-based company is making its first investment round of 2024 with this round.
Vayana Network’s board of directors has decided to issue 14,62,341 series D CCPS at an issue price of Rs 1168.27 each in order to raise Rs 170.8 crore, or $20.5 million, according to the company’s regulatory filing that can be viewed through the Registrar of Companies (RoC).
With 62.6 crores, SMBC Asia Rising Fund was the largest investor in the round. Chiratae and IFC (International Finance Corporation) contributed 24 crore and 41.74 crore, respectively. Together, Emerald, Quantum-state investment fund and Jungle Leaders contributed Rs 42.4 crore.
It appears that this funding is the first tranche of its current Series D round, and more money could be raised. According to the filings, Vayana Network plans to use these funds for general corporate purposes and expansion.
The company is reportedly valued at approximately Rs 1,925 crore, or $232 million (post-allotment), according to the media.
In April 2022, Vayana Network secured $15 million from IFC and PayU in a Series C round. Thus far, it has raised about $75 million.
Fast-moving consumer goods (FMCG), manufacturing, and automotive suppliers can get low-cost financing through Vayana Network, a 15-year-old company, through digital means. It is additionally a GST Suvidha Provider (GSP), enabling corporates and MSMEs to use online invoicing, e-way bills, and GST.
The company partnered with Singapore-based InvestaX in December to provide debt-based financial products to the Asian-Pacific region.
In the fiscal year that concluded in March 2023, Vayana Network recorded operating revenue of Rs 115 crore as opposed to Rs 43 crore in the previous year, but its losses more than doubled to Rs 78 crore. It has not yet been filed by the company, its FY24 annual financial report.
