India’s leading apparel exporter Pearl Global Industries Limited has recently secured a receivables financing facility through the Olea and Vayana partnership.
Receivables financing is a form of invoice financing. Receivables financing is when a business transforms its outstanding accounts receivables (AR) into cash via a financing facility using the receivables as collateral.
With an annual turnover of over US $ 450 million worldwide (existing capacity), the apparel exporter has an employee strength of over 32,000 people.
The partnership has already gained good traction since its onset in May 2022, and Pearl Global is the latest company to benefit from the alternative liquidity provided through Olea and Vayana.
Sanjay Gandhi, Group CFO of Pearl Global, said, “Pearl Global has a presence across the globe and we are happy to have been able to capitalise on the cross-border financing opportunity available to us through the Olea-Vayana collaboration. Strategic financial product collaboration like the one with Olea and Vayana is essential not only for efficient working capital management but also act as a risk mitigation strategy.”
He further added that the company is hopeful of leveraging Olea’s and Vayana’s strengths to provide a seamless and superior experience across geographies at competitive prices, delivering value in today’s ever-evolving business landscape.
Ram Iyer, Founder and CEO, Vayana, said, “Keeping in mind the importance of fresh pools of capital required for India to achieve the target of US $ 2 trillion exports by 2030, we are delighted to have facilitated the receivables financing facility for Pearl Global.”
Olea is a digital supply chain platform that combines the strengths of both Standard Chartered and Linklogis while Vayana is India’s largest supply chain finance platform, having enabled finance of more than US $ 12 billion to over 200,000 MSMEs for 1000+ supply chains in 25 different sectors.