Shivalik Small Finance Bank (SSFB) has raised nearly $11.4 million led by SMBC Asia Rising Fund-Japan. In another development, Refold AI, an enterprise AI startup, has raised $6.5 million in seed funding.
Shivalik Small Finance Bank secures $11.4m
Shivalik Small Finance Bank (SSFB) on Thursday announced that it has raised nearly $11.4 million (Rs 100 crore) led by SMBC Asia Rising Fund-Japan, the corporate venture capital arm of Sumitomo Mitsui Banking Corporation (SMBC).
The funding also saw participation from the bank’s existing investors, Accel, Quona Capital, Lightspeed, and Sorin Investments, it said in a statement.
The funds will be utilised to strengthen the bank’s technology stack, expand its workforce across critical functions such as product, engineering, and operations, and develop scalable solutions through its rapidly growing banking-as-a-service (BaaS) proposition, the statement added.
“At Shivalik, we are building a strong digital foundation to serve the MSME and retail customers across Bharat. Our growth plans have banking-as-a-service as a key pillar – powering a range of use-cases through innovative products and easy partner integrations. We believe that our technology stack, depth of banking knowledge, and commitment to partners will continue to allow us to deliver scalable solutions that resonate with our core audience,” said Anshul Swami, MD & CEO of Shivalik Small Finance Bank.
As of FY 2024, Shivalik serves over nine lakh customers across 79 branches and 114 business correspondent outlets in 11 states, with a workforce of around 800 employees. The bank has a business portfolio of over Rs 6,000 crore and generated annual revenue of Rs 423 crore in the last fiscal year.
Refold AI raises $6.5m
Refold AI, an enterprise AI startup that provides an AI-driven platform to automate API integrations, has raised $6.5 million in seed funding co-led by Eniac Ventures and Tidal Ventures, per an announcement.
The funding also saw participation from Better Capital, Ahead VC, Karman Ventures, Z21 and other notable angels, the company said in a statement.
The company will use the new capital to expand its engineering team, deepen product integrations, and support its growing enterprise customer base, the statement added.
“We’re not building another workflow tool,” said Abhishek Kumar, co-founder & CTO of Refold. “We’re replacing the consultant economy with agents that learn and scale. In the future, integrations should be free, fast, and invisible.”
Co-founded in 2023 by Jugal Anchalia and Abhishek Kumar, Refold AI has been working in stealth mode so far. At present, the company claims to be working with over 30 paying enterprise customers, including Incorta and Naehas, and has grown 2X in two months, supporting more than 1,500 active users and processing 30+ million API calls per month.
