Vayana Network Services Pvt Ltd, a digital trade financing network, has raised $15 million (Rs 114 crore) in Series C funding from the International Finance Corporation (IFC) and PayU.
The Pune-based firm intends to use the additional funds to develop MSME-focused solutions.
Vayana Network is a B2B trade financial intermediary that connects SMEs and corporates with financial institutions for low-cost access to trade loans. It was founded in 2009 by Ramaswami Iyer. Vayana has also helped 22K+ SMEs get $1 billion in finance through B2B card flows. Its database presently has over a thousand supply chains from 25 distinct industries in over 20 countries.
Vayana claims to have a network in India that spans 600 cities. It also promises to connect over 1,000 businesses and their trade ecosystems to the digital world, as well as providing reasonable loans for their payables and receivables.