National, 03 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.
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.