 "Shivalik SFB raises Rs 111 crore from venture capital firms, Bharti AXA")
Shivalik Small Finance Bank on Wednesday said it has raised Rs 111 crore from two global venture capital firms and Bharti AXA Life Insurance.
The two global venture capital firms that participated in the funding round are Accel and Quona Capital.
The bank plans to use the funds to enhance its tech stack, strengthen team, and deepen partnerships as it moves to become the go-to bank for Indian MSMEs, it said.
The Noida-based bank is the first to have transitioned from an urban cooperative bank with 23 years of experience in offering retail banking products and services.
The bank has over 5.6 lakh customers and operates through 46 branches and 21 exclusive Business Correspondent branches across northern India.
We are on a promising track of growth-focused 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, Anshul Swami, Managing Director of Shivalik Small Finance Bank (SFB) said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app