Shivalik Small Finance Bank Secures Rs 100 Crore Funding

Preeti Bali / 7:38 am / June 25, 2024

Noida-based Shivalik Little Money Bank has gotten Rs 100 crore in new value subsidizing. This co-drove speculation round elaborate worldwide funding firm Lightspeed and Sanjay Nayar’s Sorin Ventures, close by interest from existing financial backers Accel and Quona.

The bank means to use the raised money to support its innovative framework (tech stack), fortify its labor force, and further refine its item contributions. This essential move means to cement Shivalik’s situation as a computerized first financial arrangement catering explicitly to little and medium-sized ventures (MSMEs) and underserved networks.

Building on a Strong Foundation

Announcing the development, Anshul Swami, Managing Director and CEO of Shivalik Small Finance Bank, expressed his delight at welcoming these prestigious investors. He emphasized the significance of their partnership in the bank’s ongoing journey to establish itself as a leading digital retail bank. Swami further highlighted that the investment will act as a catalyst for the bank’s growth, particularly as they leverage the increasing adoption of digital banking solutions by small businesses and individual customers.

This latest funding round comes after Shivalik successfully raised Rs 111 crore in equity in 2022, co-led by global venture capital firms Accel and Quona Capital.

Partnership for Financial Inclusion

Lightspeed, one of the co-driving financial backers, repeated Shivalik’s obligation to monetary incorporation. Shuvi Shrivastava, Accomplice at Lightspeed, underscored the basic job of available and exhaustive monetary administrations in impelling financial advancement across India. He communicated his association’s energy in supporting Shivalik Little Money Bank and its commitment to enabling MSMEs to arrive at their maximum capacity. Shrivastava further noticed the bank’s solid initiative group and their vision to give comprehensive financial arrangements, a dream that adjusts impeccably with Lightspeed’s qualities.

Expanding Reach and Impact

Currently serving over eight lakh (eight hundred thousand) customers, Shivalik Small Finance Bank boasts a network of 175 branches spread across various Indian states. These branches operate in Uttar Pradesh, Uttarakhand, Madhya Pradesh, National Capital Region (NCR), Haryana, Rajasthan, Gujarat, Telangana, Karnataka, Maharashtra, and Tamil Nadu. With this new infusion of capital, Shivalik is poised to further expand its reach and widen its positive impact on the financial landscape of India.

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