Singapore, 02 March 2023: Pearl Global Industries Limited (“Pearl Global”), a listed global apparel manufacturing company with presence across the globe, has recently secured a receivables financing facility through the Olea and Vayana partnership.
The partnership has already gained good traction since its onset in May 2022, and Pearl Global is the latest company to benefit from the hassle-free, competitive, and fast access to alternative liquidity provided through Olea and Vayana.
According to the Government of India, India’s textile exports have been the highest ever at USD 44bn in 2022. The export tally indicates a substantial increase of 41% and 26% over corresponding figures in 2021 and 2020, respectively[1].
Letitia Chau, Deputy CEO of Olea, said: “We are proud to offer financing options that help our customers achieve their business goals and succeed in today’s competitive marketplace. We are committed to providing our customers the support they need to grow, and our financing solutions offered through the Olea and Vayana partnership are a testament to that commitment.”
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 USD 2 trillion exports by 2030, we are delighted to have facilitated the receivables financing facility for Pearl Global. Strategic partnerships like the one we have with Olea are critical to our mission of delivering innovative and efficient trade finance solutions to our customers.”
Sanjay Gandhi, Group CFO of Pearl Global, said: “Pearl Global has 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 one with Olea and Vayana is essential not only for efficient working capital management, but also act as risk mitigation strategy. We are 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.”
The Olea-Vayana partnership aims at financing trade deals worth more than USD 500mn in the next few years. For more information about the Olea and Vayana partnership, please visit the company’s website or read our press release announcement.
About Olea
Olea is a digital supply chain platform that combines the strengths of both Standard Chartered and Linklogis. As a joint venture between a leading global trade bank and a leading supply chain technology provider, Olea embeds synergistic capabilities – Standard Chartered’s international trade expertise, robust risk management and sound governance and Linklogis’s technology expertise as the first China supply chain SaaS company listed on the Hong Kong Stock Exchange.
Olea’s vision is to empower sustainable trade. We have a strong conviction in the role of trade to support sustainable economic development across countries, particularly emerging markets in Asia, Middle East and Africa where many smaller suppliers are based. Olea supports suppliers and buyers in over 20 countries.
About Vayana
Vayana is India’s largest Supply Chain Finance platform, having enabled finance of more than USD 12 Billion to over 200,000 MSMEs for 1000+ supply chains in 25 different sectors. With its proprietary technology, Vayana has processed over 3 million+ transactions and offers a zero-change experience to customers. The network today spans across 600 cities and 1450+ pin codes in India and extends to 20 countries across the globe. The company is increasingly catering to the smallest of MSMEs in the long tail of the supply chains. Vayana is also one of the largest GSPs (GST Suvidha Provider) in the country, facilitating, GST, E-Way bill and E-invoice for numerous corporates and SMEs. The GSP platform has seen over 5 billion+ API calls in GST and e-invoicing, with zero downtime. Since its launch, 1 in 5 e-invoices have been generated through Vayana. In 2021, Vayana received in-principle approval to set up ITFS (International Trade Finance Services) platform at GIFT City (Gujarat) under the aegis of the International Financial Services Centres Authority (IFSCA).
About Pearl Global
Founded by Mr. Deepak Seth in 1987, Pearl Global is a multinational apparel manufacturing company that provides end-to-end supply chain solutions to brands across the globe. We develop apparel for people of all ages, genders, locations, and style preferences by using sustainable means.
Pearl Global was established with the aim to transform the way fashion is created across the globe. By empowering people and preserving the environment, we create a win-win situation by giving way to a circular economy.
With an annual turnover of over $450m worldwide (existing capacity) and an employee strength of over 32,000 people, we are one of the few apparel companies listed in the Indian Stock Exchanges.
[1] https://www.business-standard.com/article/economy-policy/india-s-textiles-exports-highest-ever-in-fy22-at-44-4-bn-says-govt-122053101393_1.html
