Noida-based Shivalik Small Finance Bank announces that it has raised Rs 111 crore (around $14 million) in a round led by Accel and Quona Capital with participation from Bharti Axa Life Insurance. Further, the company said that fresh funds will be used to enhance the tech stack, strengthen its team and deepen partnerships, according to a statement.
Shivalik Small Finance Bank operates through 46 branches and 21 business correspondent branches across northern India. The bank has has over 5.6 lakh.
As of March this year, Its total advances stood at Rs 804.9 crore, while total deposits rose to Rs 1,244.5 crore. Last year Shivalik Small Finance Bank became the first bank to convert from a Universal Cooperative Bank to a Small Finance Bank structure.
In September, the bank chnaged the interest rates. The bank is now providing savings accounts, fixed and recurring deposits with interest rates up to 7 per cent.
Equirus Capital was the financial adviser to Shivalik Small Finance Bank for the equity investment.
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