Shivalik SFB raises Rs111 crore in funding

3 Nov 2022 , 09:05 AM

On Wednesday, Shivalik Small Finance Bank announced that it has raised Rs111 crore from Bharti AXA Life Insurance and two international venture capital firms.

Accel and Quona Capital are the two international venture capital firms that took part in the funding round.

In an effort to become the preferred bank for Indian MSMEs, the bank said it will utilize the cash to develop its staff, expand its team, and deepen its alliances.

The Noida-based bank, which has 23 years of expertise providing retail banking products and services, is the first to have done so from an urban cooperative bank.

In northern India, the bank serves about 5.6 lakh customers through its 46 branches and 21 special Business Correspondent branches.

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