Vayana Network

Vayana Network raises $4 million from IDG Ventures, Jungle Ventures

Vayana Network
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Digital platform provider for short-term trade finance Vayana Network has raised $4 million from venture capital firms IDG Ventures India and Jungle Ventures.

The firm recently parted ways with its parent company VPL. According to the CEO RN Iyer this has helped the company more viable for investors. Parting has helped the both entities in focus oriented business as well as attract investors at the same time. The fund will be used in marketing activities.

It is also planning to push the company’s GST-related services, which will helps buyers and suppliers match invoices through a continuous streaming product called Vayana Invoice Confirmation and Acceptance Services (VICAS). It will work with VPL, which is one of the selected GST Suvidha Providers to route invoices to the GST Network portal.

Among the high profile, investors in VPL include Mukesh Ambani’s RIL, which is share holders of Vayana Networks as well.

The company provides a digital platform for short-term trade financing which helps corporates to set up programs with financial institutions to help their sellers or buyers to finance purchases or sales. It helps parties raise capital digitally, the terms of trade are 30-90 days often extending to 120 days.

It has partnered with five banks and four NBFCs, and has so far facilitated 4,000 crore of financing. the company has worked with 180 corporates for their supply chain across 15 industries.

At Vayana all the parties including buyers, sellers and funders are on the same platform. Also the loans are made by lenders and not through the balance of Vayana, said TC Meenakshisundaram to ET, MD at IDG Ventures.

Recently, IDG venture had invested in fin-tech start-up EarlySalary, which offers advance loans to young, salaried professionals. VC firm’s other fin-tech investments include credit facilitating platform CreditMantri and Fintellix, which offers banking data management solutions.

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Below is the bank details:

 
Amount: INR 3,19, 000 (After Adding 18% GST and Deducting 2% TDS)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
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