Shivalik Small Finance Bank Raises Rs 100 cr Equity Capital

New Delhi, Jun 18 (PTI) Shivalik Small Finance Bank on Tuesday said it has raised Rs 100 crore in equity capital from a clutch of investors like Lightspeed and Sanjay Nayar-founded Sorin Investments, along 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 the product proposition as it continues its journey to build a digital-first bank for the small business and underserved segment, the bank said in a statement.

Shivalik Small Finance Bank is the first such entity to have transitioned from an Urban Cooperative Bank with over 25 years of experience in offering retail banking products and services in 2021.

"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 accelerate growth as the bank looks to leverage digital banking adoption by small business and retail customers, he added.

Shivalik aims to reach MSMEs and underserved retail customers of ‘Bharat' through a wide range of partnerships, Swami said.

"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," he added.