Shivalik Small Finance Bank raises Rs 111 crore from Accel, Quona Capital, others
- ByStartupStory | November 3, 2022
Noida-based Shivalik Small Finance Bank received Rs 111 crore (about $14 million) in a round led by Accel and Quona Capital, with participation from Bharti Axa Life Insurance.
The cash will be used to improve the bank’s technology stack, grow its personnel, and deepen partnerships as it strives to become the go-to bank for Indian SMEs.
The bank is a direct member of the National Financial Switch and is available on all retail payment channels, including UPI, IMPS, and NEFT/RTGS. It serves about 5.63 lakh unique consumers in Uttar Pradesh, Uttarakhand, Madhya Pradesh, Delhi-NCR, and Rajasthan through 46 branches and 21 exclusive business correspondent branches.
“We are on a track of growth focused on tech-driven innovations and strategic partnerships in the financial services space. This investment will help us accelerate our growth as we look to leverage digital banking adoption by small business and retail customers,” said Anshul Swami, managing director, and chief executive officer of Shivalik Small Finance Bank.
The year before, Shivalik Small Finance Bank became the first bank to transition from a Universal Cooperative Bank to a Small Finance Bank form. Its overall advances amounted to Rs 804.9 crore at the end of March, while total deposits increased to Rs 1,244.5 crore.
“Banks like Shivalik, that understand this shift, have demonstrated financial prudence, and are investing in technology, are very well poised to work with fintech industry and increase access to financial products,” said Rachit Parekh, principal at Accel.
It changed its interest rates in September. Savings accounts, fixed and recurring deposits, and interest rates of up to 7% are now available from the bank.
Equirus Capital served as the equity investment’s financial consultant to Shivalik Small Finance Bank.
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