Shivalik Bank appoints Equirus Capital to raise growth capital, BFSI News, ET BFSI

Shivalik Small Finance Bank (SSFB) has appointed Equirus Capital to raise Rs 100 crore as growth capital.

Shivalik SFB recently attained SFB status post successful transition as an Urban Co-operative Bank (UCB). The funds will be leveraed for digital expansion through fintech partnerships, physical expansion and product innovation.

Harsh Mittal, Chief Financial Officer, Shivalik Small Finance Bank said, “Our journey as a Small Finance Bank has been very exciting so far. The pace at which we have made progress to swiftly reach this stage is testimony to how meticulously we have planned our growth strategy, complemented by steps taken along the way to ensure we maintain a healthy balance sheet. We are pleased toappointEquirusCapital for the bank’s first fundraise as we look to onboard investors who believe in the vision of providing digital focussed financial services to the small and underserved segments.”

Also Read: After SFB license, Shivalik to raise its first fund of Rs 100 crore

Donald D’Souza, Managing Director and Co-Head at Investment Bank, Equirus Capital, “We are delighted to partner with Shivalik Small Finance Bank to assist them in executing their growth plans including in their capital-raising plans. We look forward to a long and fruitful association with the bank.”

The bank is in talks with a number of fintech and financial institutions for business collaboration in the area of deposits, loans and third-party products, including customer onboarding and digital payments.