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Shivalik Small Finance Bank has raised ₹100 crore in equity co-led by global venture capital firm Lightspeed, and Sanjay Nayar-founded Sorin Investments along with participation from existing investors Accel and Quona.
Shivalik Small Finance Bank is the first Small Finance Bank in India, to have transitioned from an Urban Cooperative Bank with over 25 years of experience in offering retail banking products and services.
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.
“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,” said Anshul Swami, Managing Director, and CEO of Shivalik Small Finance Bank. “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. “We are committed to building 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,” added Anshul.
“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 their 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.” said Shuvi Shrivastava, Partner, Lightspeed.
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