Mumbai: Bengaluru-based consumer lending and payments startup Slice has raised INR 300 crore (approximately $36 million) through convertible debt, as per its regulatory filings with the Registrar of Companies. The funding round was co-led by Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust, who invested INR 30 crore each.
Blume Ventures and 8i Ventures also participated in the debt financing round, investing INR 27 crore and INR 25 crore, respectively. Other participating investors include Inland Financial Services, Mintcap Enterprises, Stargazer Ventures, Roger Bravo Advisors, and Broadbridge Capital Management, along with several individuals.
Founded by Rajan Bajaj, Slice provides physical and virtual cards focused on millennials, enabling students and salaried professionals to buy collateral-free products and services online through estimated monthly installments (EMIs) through an app. The firm aims to help users build credit scores.
For the fiscal year 2023, Slice reported a growth of threefold to INR 847 crore compared to INR 283 crore in fiscal 2022. However, the firm’s losses also increased by 59.8% to INR 406 crore in fiscal 2023 compared to INR 254 crore in fiscal 2022.
Slice has received funding from various investors, including a massive $220 million Series B round led by Tiger Global and Insight Partners. The company’s founder and CEO, Rajan Bajaj, holds an approximately 9.3% stake in the firm.
Additionally, Slice recently received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB). The two companies announced their merger in October 2023. In March last year, Slice acquired a 5% stake in Guwahati-headquartered bank for about $3.42 million.