Pune-based supply chain finance startup Vayana has reportedly received a non-banking finance company (NBFC) licence from the Reserve Bank of India.

The PayU-backed entity is seeking to raise an additional $20 million in funding, mostly to capitalise the NBFC business, Economic Times reported.

While Vayana Network is looking to get new investor on board, its existing SMBC Asia Rising Fund is believed  to lead this new round. SMBC led a $20 million round in Vayana in August last year.

“This will be an extension of the previous round, while the first tranche was made last year, the second tranche was on the condition of the NBFC licence coming through. Now that the nod has come, the second tranche will be infused,” the newspaper quoted sources as saying.

Founded in 2017 by Ramaswamy Iyer, Vayana offers invoice discounting and trade financing to suppliers and small businesses. It claims to process a billion dollars in financing monthly through 3,000 supply chains serving over 300,000 enterprises.

It has raised around $89 million till date and counts Chiratae Ventures, Jungle Ventures and Marshall Wace among its investors. The company was last valued at $235 million in September 2024.