Bengaluru: Trade finance platform Vayana Network has raised Rs 114 crore (about $15 million) as an extension of its ongoing fundraising, led by International Finance Corporation (IFC) and PayU, the fintech arm of Dutch multinational Prosus .

With that, the company closed its latest fundraising round of Rs 397 crore (about $52 million).

Vayana Network raised Rs 283 crores (about $37 million) last November from new and existing investors including Marshall Wace, March Capital, Chiratae Ventures, CDC Group and Jungle Ventures, among others.

It said it plans to use the funds to double its offerings for micro, small and medium enterprises (MSMEs).

Founded in 2016 by Ramaswamy Iyer, Vayana Network provides trade finance to suppliers and small businesses in the automotive, fast moving consumer goods (FMCG) and manufacturing sectors, among others.

The company is also a GST Suvidha Provider (GSP), facilitating GST, e-invoicing and online invoicing for businesses and MSMEs.

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“We continue to be optimistic about our expansion and will now focus more on lending to MSMEs, in order to have deeper breakthroughs in trade finance… We have also received a license for trade finance international and supply credit for export and import opportunity cases,” Iyer told ET about the company’s growth plans.

“This fiscal year, we will see the launch of the Vayana ITFS (International Trade Finance Services) platform in GIFT City (Gujarat), which will enable exporters and importers to access international trade finance facilities,” added Iyer. .

The startup provides loans through its banking and non-banking financial partners. Last month, it disbursed Rs 5,500 crore in trade finance to small businesses and plans to increase monthly disbursements to Rs 7,800 crore by June.

The company also aims to hit annual disbursement volumes of $12 billion by the end of FY23. Vayana has partnerships with 70 large enterprises and has provided credit to nearly 150,000 small businesses with two million transactions to date. The average size of these loans is Rs 4-5 lakh, with an average term of 90 days.

The Pune-based company also operates in the United States and Singapore. It plans to open an office in Dubai to enter the Middle East region. It’s also looking to provide domestic trade finance to suppliers in the United States, which continues to be a big white space for the company to grow, Iyer said.

Last October, cross-border trade finance startup Drip Capital raised $40 million in equity from San Francisco-based TI Platform with existing investors including Accel, Sequoia, Wing VC, Irongrey and GC1 Holdings also participating in the round.

ET reported on March 23 that Oxyzo Financial Services, the supply chain finance arm of the SoftBank-backed business-to-business (B2B) startup, raised its first external funding of $200 million as part of of what is the largest Series A funding ever for an Indian startup.

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