Shivalik Small Finance Bank Secures INR 100 Cr from Lightspeed, Sorin Investments The bank aims to use the funding to enhance its tech stack, strengthen its team, and further develop the product proposition.
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Shivalik Small Finance Bank announced today that it has raised INR 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.
As per the official release, the bank plans to use the funding to enhance its tech stack, strengthen its team, and further develop the product proposition.
Anshul Swami, Managing Director and CEO of Shivalik Small Finance Bank, said, "This investment will help us accelerate our growth as we look to leverage digital banking adoption by small business and retail customers."
Founded in 1998 by Yashvir Kumar Gupta and Suveer Kumar Gupta, Shivalik Small Finance Bank is a small finance bank that has transitioned from an Urban Cooperative Bank with 25 years of experience in offering retail banking products and services.
The bank claims that it is technology-focused and is powered by Infosys Finacle Core Banking and Digital Banking Suite.
"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 with our deep banking experience," added Anshul.
The Noida-based platform says that it has over 8 lakh unique customers and operates through 175 branches across Uttar Pradesh, Uttarakhand, Madhya Pradesh, National Capital Region (NCR), Haryana, Rajasthan, Gujarat, Telangana, Karnataka, Maharashtra, and Tamil Nadu.
"Access to comprehensive financial services remains an important accelerant for the economic advancement of 'Bharat'. 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.
"Shivalik has a key focus on secured lending to MSMEs or small businesses with a 'brick and click' strategy of physical branches coupled with a digital-first approach. We at Sorin see a big opportunity for financial services and financial inclusion in Bharat and are excited to partner with a strong management team at Shivalik who deeply understand raising retail deposits, managing risks, and leveraging technology," added Mandar Dandekar, Partner at Sorin Investments.
