This paper proposes a new lightweight cipher VAYU. VAYU has a balanced Feistel structure. VAYU cipher supports 64 bit plaintext and 128/80 bit key length and it has a total of 31 rounds. It needs only 1290 GEs for 128 bit key length. It also results in minimal memory size as compared to all other existing lightweight ciphers. This paper discusses the security analysis of VAYU cipher design which is adequate against linear and differential cryptanalysis, Biclique attack, zero correlation attack, algebraic attack. VAYU cipher design will be best suitable for applications like IoT, smart Wireless Sensor networks. VAYU cipher uses two F-functions with substitution box, which results in a high diffusion mechanism.