Fintech Unicorn slice It is reportedly preparing to raise Rs 300 crore (about $36 million) through convertible bonds. debt.
According to a report by Entrackr, several key investors including Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust and MN Family Trust will jointly lead the debt.
The report said each of these trusts invested Rs 30 crore, adding that Blume Ventures and 8i Ventures invested Rs 27 crore and Rs 25 crore, respectively.
Participation of other key investors
In addition to significant investments from family trusts and venture capital firms, several other investors have also joined the round.
These include Inland Financial Services, Mintcap Enterprises, Stargazer Ventures, Roger Bravo Advisors and Broadbridge Capital Management.
Several individual investors including Krishna Kumar Karwa, Aditya Jadhav, Aryaman Jadhav, Zahir Merchant, Shikha Begwani, Nilesh Mahendra Popat, Khyati Vyas and Simran Jhaveri also participated in the debt funding round. In total, 17 individual investors contributed to the funding.
Slice’s Offers
Founded by Rajan BajajSlice is a lending and payments unicorn that offers physical and virtual cards, primarily targeting millennials.
The startup enables students and salaried professionals to purchase products and services online without the need for collateral. Users can repay their purchases through estimated monthly installments (EMIs) via the Slice app.
Additionally, it helps its users build their credit scores, making the service attractive to young professionals looking to establish their financial independence.
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Support from leading investors
To date, the company has raised over $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 over $1 billion.
Despite the significant fundraising, Slice continues to face challenges in achieving profitability. For FY23, the fintech startup reported a sharp increase in its losses, which rose 59.8% to Rs 406 crore, from Rs 254 crore in the previous year.
However, it has managed to sustain revenue growth, which rose to Rs 847 crore during the same period.
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