Vayana Network a trade financing startup has raised Rs 170.8 crore (approximately $20.5 million) in its Series D round. It is first round of investment for company in 2024.

The board at company 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, its regulatory filing accessed from the Registrar of Companies (RoC) shows.

SMBC Asia Rising Fund led the round with Rs 62.6 crore while Chiratae and IFC (International Finance Corporation) pumped in Rs 41.74 crore and Rs 24 crore. Jungle Leaders, Quantum-state investment fund, and Emerald cumulatively participated with Rs 42.4 crore.

This funding seems to be the tranche of its ongoing Series D round and it may raise more capital. Vayana Network will use these proceeds for expansion and general corporate purposes, as per the filings.

The firm has been valued at around Rs 1,925 crore or $232 million (post-allotment). Vayana Network last raised $15 million in Series C round in April 2022 from IFC and PayU. It has raised around $75 million to date.

Vayana Network provides digital access to low-cost financing to suppliers and small enterprises in the automotive, fast moving consumer goods (FMCG) and manufacturing industries, among others. It is also a GST Suvidha Provider (GSP), facilitating GST, e-way bill and online invoicing for corporates and MSMEs.

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.

 

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