PE-VC Fund Investments
Shivalik SFB raises Rs.100-Cr from SMBC Fund, existing VCs
SMBC Asia Rising Fund, the corporate venture capital arm of Japan's Sumitomo Mitsui Banking Corporation, has picked up a 4.99% stake in Shivalik Small Finance Bank by investing USD 7 million (INR 60 crore), at an enterprise value of around INR 1,200 crore. Shivalik’s existing investors - Accel India, Quona Capital, Lightspeed Ventures and Sorin Investments - also participated in this round, investing INR 40 crore, taking the total equity raise to INR 100 crore.The new funds will be used to strengthen the bank's technology stack and expand its workforce across critical functions such as product, engineering, and operations. The capital infusion will also boost the bank's capital adequacy ratio to 24% from 19% at present and support a 35-40% targeted business growth target this fiscal.Shivalik, an urban cooperative bank since 1997, got itself converted into a small finance bank in 2021. It claims to serve over 900,000 customers across 79 branches in 11 states, earning a revenue of INR 423 crore in FY25.
Between Oct 2022 and May 2024, Shivalik Small Finance Bank had attracted about USD 33 M from Accel India, Lightspeed Ventures, Quona Capital, Sorin Investments and others.
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