Noida based Shivalik Small Finance Bank announced on Tuesday that it raised INR 100 Crore of funding through an equity investment co-led by global venture capital firm Lightspeed and Sorin Investments.
The bank plans to use the funding to enhance its tech stack, strengthen its team, and further develop the product proposition as it continues its journey to build a digital-first bank for the small business and underserved segment.
“This investment will help us accelerate our growth as we look to leverage digital banking adoption by small business and retail customers. Shivalik aims to reach MSMEs and underserved retail customers of ‘Bharat’ through a wide range of partnerships,” said Anshul Swami, Managing Director and CEO of Shivalik Small Finance Bank.
Shivalik SFB previously raised INR 111 Crore in equity investment co-led by global venture capital firms Accel and Quona with participation from Bharti AXA Life Insurance in November 2022.
The Noida based Small Finance Bank operates through 175 branches across Uttar Pradesh, Uttarakhand, Madhya Pradesh, National Capital Region (NCR), Haryana, Rajasthan, Gujarat, Telangana, Karnataka, Maharashtra and Tamil Nadu.
