Vayana 2021 (IFC-46347)

  • South Asia
Geographic location where the impacts of the investment may be experienced.
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 31, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 8.06 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 2, 2022

Disclosed by Bank Dec 28, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC project page, the proposed investment is an equity investment in Vay Network Services Private Limited (“Vayana” or the “Company”). The Company is a technology-enabled supply chain finance platform that connects micro, small and medium enterprises (MSMEs) and corporates with banks and other financial institutions for payables and receivables financing, primarily in India. Vayana is also one of India’s largest Goods & Service Tax (GST) Suvidha providers, offering GST, E-Way Bill and E-Invoice pass-through API services and other related services.


IFC anticipates that the Project will promote improved access to affordable working capital finance for suppliers and distributors, including MSMEs, in India. The Project will support the growth of Vayana’s specialized technology platform to deliver supply chain financing solutions. IFC also anticipates that the Project will promote integration in the supply chain financing sector by establishing a key market platform which integrates financing, tax and transaction data solutions for MSMEs in India.


IFC has extensive experience in the areas of MSME, supply chain and trade finance, coupled with a strong track record working with fintech players across emerging markets, including an extensive portfolio in digital lenders and supply chain finance platforms. IFC will provide non-financial additionality in the form of knowledge and capacity building by sharing its unique emerging markets sector expertise with Vayana.


Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Vay Network Services Private Limited
Vinod Parmar
EVP – Head Sales & Marketing
Shivkamal, 1076/5 Vidyavihar Colony, Shivajinagar, Pune 411016


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The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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How it works