Bengaluru-based fintech unicorn Slice has raised Rs 71.7 crore (approximately $8.6 million) from its founder and CEO, Rajan Bajaj.
The financing comes from partially paid-up shares, as revealed in the company’s regulatory filing with the Companies Registry. Slice’s board of directors passed a special resolution to issue 22,000 shares at a price of Rs 32,606 each.
The investment will be completed in one or more tranches, focusing on general corporate purposes to support Slice’s expansion and operational objectives.
Financing and recent investors
last month, Entractor reported that Slice is raising 300 crores (approximately $36 million) through convertible debt.
At the end of November 2021, Slice became a unicorn startup after raising $220 million in a funding round at a valuation of more than $1 billion.
Slice Deals
Founded by Rajan Bajaj, slice is a lending and payments unicorn that offers physical and virtual cards, primarily targeting millennials.
The startup allows users, including students and salaried professionals, to make collateral-free online purchases, providing the flexibility to pay through EMI (equated monthly installments).
This not only facilitates smoother transactions but also helps users improve their credit score. Over the years, it has positioned itself as a prominent player in the consumer lending and payments space, particularly attracting younger demographics.
Support from prominent investors
So far, the venture has raised more than $378 million in funding from investors including Stride Ventures, Neo Asset Management, and Tiger Global, among others.
In November 2021, the Bengaluru-based startup became India’s 41st unicorn startup after raising $220 million in a funding round at a valuation of more than $1 billion.
Despite significant fundraising, Slice continues to face challenges achieving profitability. For FY23, the fintech startup reported a sharp rise in its losses, which rose 59.8% to Rs 406 crore, up from Rs 254 crore a year earlier.
However, it has managed to sustain revenue growth, which rose to Rs 847 crore during the same period.
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