Vayana – India’s Most Trusted Trade Credit Infrastructure, has been named the Innovator in RAM Lending – Mature Category at the PICUP Fintech 2026 Awards, jointly organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Indian Banks’ Association (IBA). The recognition, adjudicated by a senior jury of banking leaders, regulators, and industry experts, is among the most credible institutional acknowledgments in Indian fintech.
The award honours Vayana Trade Receivables Securitisation (TRS) product – India’s first corporate-originated securitisation structured under SEBI’s Securitisation of Debt Instruments Regulations, 2008. This instrument allows corporates to convert accepted trade receivables into rated securities, placed directly with institutional investors through a Special Purpose Vehicle trust. This TRS structure is listed on the BSE and rated by ICRA. It establishes a New Asset Class in India that is at the intersection of Trade Finance and Global Capital Markets.
“No corporate in India had originated a Trade Receivables Securitisation under SEBI SDI Regulations before Vayana. The legal framework, rating structure, trust setup, and escrow mechanism were all established for the first time, enabling affordable and timely trade credit.” – Ram Iyer, Founder & CEO Vayana.
The jury’s recognition in this category, reserved for innovations with demonstrated, scalable deployment reflects the product’s live performance record. At the time of the award evaluation, multiple TRS deals had been completed with participation from institutional investors.
While the award recognises Vayana’s impact in the Retail, Agriculture, MSME (RAM) segment, the TRS structure is built for scale well beyond it. Corporates across sectors that have a pool of accepted trade receivables, can originate a securitisation under this framework, unlocking institutional capital without bank intermediation.
In its current deployment, unrated and underbanked MSME buyers across Tier 2 and Tier 3 markets receive formal supply chain credit for the first time, without individual borrowing requirements, collateral, or credit checks. For Vayana, this is not just a product milestone, it is proof that India’s Trade Credit Infrastructure can be reimagined to reach those the formal credit system has long left behind.