Announcing the equity raise on Wednesday, the bank said it plans to use the funds to grow its tech stack, strengthen its team and deepen partnerships for lending to small and medium-sized businesses. Used to be.
Noida-based Shivalik is the first small finance bank in India to be converted from Urban Co-operative Bank.
The bank’s Managing Director Anshul Swamy said that the bank is focusing on technology-driven innovations and strategic partnerships in the financial services space. “This investment will help us accelerate our growth as we seek to leverage digital banking adoption by small business and retail customers,” he added.
The bank has over 5.6 lakh customers, while it operates through 46 branches and 21 specialized business liaison branches across North India.
“Technology is fast becoming the front-end of financial services for all Indians and a key driver of financial inclusion,” said Rachit Parekh, Principal, Accel. He added, “Banks like Shivalik, which understand this change, have demonstrated financial prudence, and are investing in technology, are very well positioned to work with fintechs and increase access to financial products. ”
“At Quona, we are focused on finding and supporting solutions that leverage technology to fundamentally improve the quality, accessibility and affordability of financial services. emerging marketsQuona partner Varun Malhotra said.
Equirus Capital acted as financial advisor to Shivalik Small Finance Bank for equity investments.