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Venture capital firms IDG Ventures India and Jungle Ventures has invested about 26 crores ($4 million) in Vayana Networks, a financial services company that has recently split from its parent company Vayana (VPL). VPL, one of the selected GST Suvidha Providers company investors includes Mukesh Ambani’s Reliance Industrial Investments and Holdings which are company’s shareholders as well.

The company plans to utilise funds towards market development activities and to enhance its GST-related services. This service will help suppliers and buyers match invoices through their product VICAS (Vayana Invoice Confirmation and Acceptance Services). Further, the firm will also work with closely with its parent company to route invoices to the GST Network portal.

Commenting on the development, TC Meenakshisundaram, Managing Director, IDG Ventures told ET, “At Vayana all the parties including buyers, sellers and funders are on the same platform. Also, the loans are made by lenders and not through the balance of Vayana, so the company does not take any risk.”

Headquartered in Chennai, Vayana Network was founded in May 2017. Based in Pune, the firm was formed by a slump purchase of the business from VPL. The firm provides a digital platform for short-term trade financing. The platform enables corporates to set up programs with financial institution to help their sellers or buyers to finance purchases or sales.

As per the report, Vayana Network has partnered with 5 banks and 4NBFCs. Further, till date they have facilitated 4,000 crores of financing, working with 180 corporates for their supply chain across 15 industries.

Earlier in May 2017, Jungle Ventures had invested $5.3 million in Series A round in PaySense, a digital credit platform. Prior to this in January 2017, the venture firm has invested in Gurgaon-based Wydr, a mobile B2B marketplace.

Whereas Tech-focused venture capital firm IDG Ventures India (IDGVI) had recently launched the 2017 Innovation Program, #IDGIP2017 to reach out to mushrooming startups across its core sectors of consumer tech, software, healthtech and fintech products space. In May 2017, EarlySalary, a fintech startup that offers salary advances and instant cash loans had raised Series A funding of $4 Million from IDG.

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