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Bengaluru, India based trade financing company Vayana Network has raised $4m in Series A financing led by IDG Ventures India and Jungle Ventures. Vayana Network 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.
Vayana Network, based in Pune, was created by slump purchase of the business from VPL in May this year. "This (split) allowed a much more focused business both for VPL and Vayana Network and it made it easier to create investor interest," CEO, RN Iyer said. Some of the VPL investors, including Mukesh Ambani’s Reliance Industrial Investments and Holdings, are shareholders in Vayana Network as well.
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