The global venture capital firm Lightspeed and the Sanjay Nayar-founded Sorin Investments have jointly raised Rs 100 crore in equity for the Noida-based Shivalik Small Finance Bank.
The bank stated in a statement that it intends to utilize the funding to improve its technology infrastructure, fortify its team, and further develop its product proposition in order to establish a digital-first bank for small businesses and underserved segments.
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Accel and Quona Capital, two global venture capital firms, jointly led the bank in raising Rs 111 crore in equity in 2022.
Shivalik aims to reach MSMEs and underserved retail customers of ‘Bharat’ through a wide
range of partnerships. “We are building a comprehensive library of API modules across
customer onboarding, e-KYC, savings accounts, deposits, lending, payments, and cards that can help our partners to work with us to offer innovative banking solutions,” “We are
committed to improvising our delivery approach while developing new products and services to meet the diversified needs of our customers by combining the power of technology along with our deep banking experience.”
Shivalik Small Finance Bank has a customer base of over eight lakh and operates through 175 branches in Uttar Pradesh, Uttarakhand, Madhya Pradesh, National Capital Region (NCR), Haryana, Rajasthan, Gujarat, Telangana, Karnataka, Maharashtra, and Tamil Nadu.
Anshul Swami, Managing Director and CEO, Shivalik Small Finance Bank, said: “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,”
About Shivalik Small Finance Bank
Founded in 1998 by Mr. Yashvir Kumar Gupta and Mr. Suveer Kumar Gupta, Shivalik Small Finance Bank is the first Small Finance Bank in India to have transitioned from an Urban Cooperative Bank with 25 years of experience in offering retail banking products and services.
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