Pune-based trade financing startup Vayana Network has successfully raised Rs 170.8 crore (approximately $20.5 million) in its latest Series D funding round, marking its first investment round of 2024.
According to regulatory filings with the Registrar of Companies (RoC), Vayana Network’s board approved a special resolution to issue 14,62,341 Series D CCPS at an issue price of Rs 1168.27 each, totalling Rs 170.8 crore.
The funding round was led by SMBC Asia Rising Fund, contributing Rs 62.6 crore. Additional significant investments came from Chiratae Ventures and the International Finance Corporation (IFC), which invested Rs 41.74 crore and Rs 24 crore, respectively. Jungle Leaders, Quantum-State Investment Fund, and Emerald collectively added Rs 42.4 crore.
This capital infusion appears to be part of an ongoing Series D round, with the potential for further fundraising. The newly acquired funds will be allocated towards expansion and general corporate purposes, as indicated in the filings.
Previously, Vayana Network raised $15 million in a Series C round in April 2022, backed by IFC and PayU. To date, the 15-year-old firm has secured approximately $75 million in total funding.
Vayana Network specializes in providing digital access to low-cost financing for suppliers and small enterprises across various industries, including automotive, fast-moving consumer goods (FMCG), and manufacturing. Additionally, it serves as a GST Suvidha Provider (GSP), facilitating GST compliance, e-way bill generation, and online invoicing for corporates and MSMEs.
In December, the company partnered with Singapore-based InvestaX to offer debt-based financial products in the APAC markets.
For the fiscal year ending March 2023, Vayana Network reported Rs 115 crore in revenue from operations, a significant increase from Rs 43 crore in FY22. However, the company’s losses also surged, doubling to Rs 78 crore. Vayana Network has yet to file its financial report for FY24.
