Shivalik Small Finance Bank raises Rs 100 Cr in equity investment
Shivalik Small Finance Bank plans to use the funding to enhance its tech stack, strengthen its team, and further develop its products to build a digital-first bank.
Noida-based has raised Rs 100 crore in equity co-led by global venture capital firm Lightspeed and Sanjay Nayar-founded Sorin Investments, with participation from existing investors Accel and Quona.
The bank plans to use the funding to enhance its tech stack, strengthen its team, and further develop its product proposition to build a digital-first bank for small businesses and underserved segments, it said in a statement.
“We are extremely pleased to onboard pedigreed investors Lightspeed and Sorin Investments along with our existing investors Accel and Quona Capital as valuable partners in our journey of building a digital-first retail bank. This investment will help us accelerate our growth as we look to leverage digital banking adoption by small business and retail customers,” said Anshul Swami, Managing Director and CEO of Shivalik Small Finance Bank.
In 2022, the bank had raised Rs 111 crore in equity co-led by global venture capital firms Accel and Quona Capital.
“Access to comprehensive financial services remains an important accelerant for the economic advancement of 'Bharat'. We are thrilled to support Shivalik Small Finance Bank and its commitment towards enabling MSMEs to realise their full potential. With a strong leadership team, Shivalik aims to provide banking solutions and drive inclusive growth and development, a vision we share and support.” added Shuvi Shrivastava, Partner, Lightspeed.
Shivalik Small Finance Bank has over eight lakh customers, and operates through 175 branches across Uttar Pradesh, Uttarakhand, Madhya Pradesh, National Capital Region (NCR), Haryana, Rajasthan, Gujarat, Telangana, Karnataka, Maharashtra, and Tamil Nadu, the company said.
Edited by Jyoti Narayan
