IDG Ventures India and Jungle Ventures invest $4 Mn on Vayana Network.
17th, July 2017 - Startup funding
Fintech company Vayana Network has raised $4 Mn from IDG Ventures and Jungle Ventures. Earlier Reliance Industrial Investments and Holding Ltd and other in the previous round.
Vayana Network recently split from its parent company. This parting was created by a slump purchase of the fintech business from parent company, VPL, in May 2017.
Vayana Network is a fintech startup that provides a digital platform for short-term trade financing. It is a third party, B2B trade financing platform. The Vayana Network financing network enables businesses and their trade partners to capture their receivable and payable trades electronically. It further allows them to finance through banks and financial institutions. Businesses can finance their payables, or factor their receivables. They can also make financing available to their counterparties. Vayana Network, in partnership with MasterCard and banks, also offers commercial card solution for payable financing.
The Vayana Network financing partners include Axis Bank, Federal Bank, Religare, Tata Capital among others.
The startup will use the newly raised funds to further strengthen its B2B trade financing network both in India and abroad.
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