Bharti Axa Life, Accel infuse over Rs 111 cr as equity in Shivalik SFB

The SFB, an urban coop bank earlier, has a large presence in UP and MP; It has over 560,000 unique customers and runs 46 branches and 21 exclusive Business Correspondent Branches across northern India

Bharti AXA Life Insurance and institutional players such as venture capital firms Accel and Quona Capital have infused Rs 111 crore as equity in Shivalik Small Finance Bank (SFB).

The bank plans to use the funding to enhance its tech stack, strengthen its team and deepen partnerships as it moves to become the go-to bank for Indian MSMEs, Shivalik SFB said in a statement.

The SFB, which was an urban cooperative bank earlier, has a large presence in Uttar Pradesh and Madhya Pradesh. It has over 560,000 unique customers and runs 46 branches and 21 exclusive Business Correspondent Branches across