India’s Vayana secures $20.5m in Series D funding

Funding Details:
- Vayana secured $20.5 million in its ongoing Series D funding round, led by SMBC’s Asia Rising Fund.
- Additional participants include Chiratae Ventures, Jungle Ventures, the International Finance Corporation (IFC), Emerald Company Pvt, and Quantum State Investment Fund.
Use of Funds:
- The new capital will be used to launch new products aimed at enhancing Vayana’s risk management and compliance platforms.
Company Background:
- Founded in 2017 and headquartered in Pune, Vayana specializes in B2B trade enablement and supply chain finance.
- The company is India’s largest GST Suvidha Provider (GSP), offering solutions for e-way bill filing, e-invoicing, and goods and services tax (GST) compliance.
Market Impact:
- Since its inception, Vayana has facilitated over $33 billion in financing for more than 300,000 Indian enterprises and 3,000 supply chains.
Context in Indian Fintech:
- Vayana’s funding follows other significant investments in Indian fintechs in 2024, including Electronica Finance Limited’s $48 million Series B and CredAble’s $3.5 million debt funding from SIDBI.