Shivalik Small Finance Bank raises Rs 100 cr from investors led by SMBC Asia Rising Fund-Japan
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Besides, the bank's existing investors,
Accel
, Quona Capital, Lightspeed, and Sorin Investments, also participated in this funding round. "This fresh infusion of capital marks a significant milestone in Shivalik's journey to build a truly digital-first bank, especially focused on India's underserved MSME and retail segments. The funds will be utilised to strengthen the bank's technology stack, expand its workforce across critical functions such as product, engineering, and operations, and to develop scalable solutions through its rapidly growing banking-as-a-service (BaaS) proposition," the bank said in a statement.
With a strong digital backbone and a partner-first approach, Shivalik aims to simplify financial access for small businesses and emerging consumer segments across semi-urban and rural India, it said.
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Commenting on the development, Anshul Swami, MD & CEO of Shivalik Small Finance Bank, said, "Our growth plans have banking-as-a-service as a key pillar - powering a range of use-cases through innovative products and easy partner integrations. We believe that our technology stack, depth of banking knowledge, and commitment to partners will continue to allow us to deliver scalable solutions that resonate with our core audience."
Shivalik Small Finance Bank has a legacy of over 25 years in retail banking, originating as Shivalik Mercantile Co-operative Bank in 1997. It became the first urban cooperative bank in India to transition into a Small Finance Bank in April 2021 under the Reserve Bank of India's voluntary transition scheme.
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The bank operates with a strong digital foundation built on Infosys Finacle's Core and Digital Banking Suite, allowing it to deliver seamless, cloud-native experiences across web and mobile platforms.
Speaking on the investment, Rajeev Kannan, managing executive officer & head of India division at SMBC, said, "Through our collaboration with Shivalik, leveraging its digital-native technology stack and strategic partnerships with high-growth external platforms, we are excited to advance the provision of inclusive and scalable financial solutions across India."
As of FY 2024, Shivalik serves over 9 lakh customers across 79 branches and 114 business correspondents (BC) outlets in 11 states, with a workforce of around 800 employees. The bank has a business portfolio of over Rs 6,000 crore and generated annual revenue of Rs 423 crore in the last fiscal year.
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