Trade financing startup Vayana Network has recently raised Rs. 170.8 crore in a Series D funding round. The managerial board of Vayana Network has passed a special resolution to issue 14,62,341 series D CCPS at an issue price of Rs. 1168.27 each to raise Rs.170.8 crore or $20.5 million.

The funding round was graced by SMBC Asia Rising Fund which contributed Rs. 62.6 crore. Other significant contributors of the funding round Chiratae, which invested Rs.41.74 crore, and the International Finance Corporation (IFC), which contributed Rs.24 crore.

Apart from the above mentioned contributors Jungle Leaders, Quantum-state investment fund, and Emerald collectively participated with Rs.42.4 crore.
Previously, the startup has raised $15 million in a Series C funding round in April 2022 from IFC and PayU. The company informed that, the freshly infused fund will be used for further expansion and general corporate purposes.

Vayana Network was founded by Ramaswamy Iyer in 2009 which offers digital access to low-cost financing for suppliers and small enterprises in various sectors, including automotive, fast-moving consumer goods (FMCG), and manufacturing.

The firm also provide GST Suvidha Provider (GSP) which facilitates GST, e-way bill, and online invoicing for corporates and MSMEs. During the last December the company joined hands with Singapore-based InvestaX to offer debt-based financial products in the APAC markets.

During the last financial year which ended in March 2023, Vayana Network reported Rs.115 crore in revenue from operations against Rs. 43 crore in FY22 whereas its losses surged two-fold to Rs.78 crore. The firm is yet to file its annual financial report for FY24.