Pune-based trade financing startup Vayana Network has successfully raised Rs 170.8 crore (approximately $20.5 million) in its Series D funding round. This marks the first round of investment for the company in 2024.
The board at Vayana Network passed a special resolution to issue 14,62,341 Series D CCPS at an issue price of Rs 1168.27 each, raising Rs 170.8 crore or $20.5 million, according to regulatory filings accessed from the Registrar of Companies (RoC).
SMBC Asia Rising Fund led the round with an investment of Rs 62.6 crore, while Chiratae and IFC (International Finance Corporation) contributed Rs 41.74 crore and Rs 24 crore, respectively. Jungle Leaders, Quantum-state investment fund, and Emerald collectively participated with Rs 42.4 crore.
This funding is part of the ongoing Series D round, and the company may raise additional capital. Vayana Network plans to use the proceeds for expansion and general corporate purposes, as per the filings.
According to startup data intelligence platform TheKredible, the firm is now valued at around Rs 1,925 crore or $232 million (post-allotment).
Vayana Network previously raised $15 million in its Series C round in April 2022 from IFC and PayU, bringing its total funding to date to around $75 million.
Founded 15 years ago, Vayana Network provides digital access to low-cost financing for suppliers and small enterprises in industries such as automotive, fast-moving consumer goods (FMCG), and manufacturing. It is also a GST Suvidha Provider (GSP), facilitating GST, e-way bill, and online invoicing for corporates and MSMEs.
In December, the firm partnered with Singapore-based InvestaX to offer debt-based financial products in the APAC markets.
For the fiscal year ending in March 2023, Vayana Network reported Rs 115 crore in revenue from operations, up from Rs 43 crore in FY22, while its losses surged two-fold to Rs 78 crore. The firm has yet to file its annual financial report for FY24.
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