Slice is a personal credit line to customer-service provider platform that has secured $36 million in its new funding round. Taneja Family Trust led the funding round along with UK2 Family Trust, Anju Family Personal Trust, Blume Ventures and 8i Ventures. MN Family, UK2 Family Trust and Taneja Family Trust led the round with Rs 30 crore, followed by Blume Ventures with Rs 27 crore and the remaining Rs 25 crore came from 8i Ventures.
The board has approved a proposal to allot 30,000 compulsory convertible debentures at an issue price of Rs 100,000 each to raise $36 million. According to a company filing, the startup will use these fresh proceeds for working capital purposes and market expansion. The company offers a Buy Now Pay Later platform to provide prepaid payment services with no annual fees and zero interest rates. The startup offers a financial services platform that uses various technologies to provide its customers with an app-based virtual credit card for online transactions. This investment reflects investors' confidence in Slice's market potential and business model.
The company has raised nearly $400 million across multiple funding rounds since its inception, including $200 million raised during a Series B funding round from Insight Partners and Tiger Global. After this round, existing investor Tiger Global holds the largest external stake with 7.9 percent, followed by Insight Partners with 6.6 percent. Slice offers credit scores and allows working professionals or students to buy collateral-free services online on EMIs through its app. The startup is facing competition from other fintech startups in the space such as ACE, Bettr and VCard.
Slice reported a three-fold jump in its growth to Rs 847 crore in FY23. The net loss also grew 59.8 per cent to Rs 406 crore in the same period. Total expenses increased due to a three-fold increase in employee benefits and NPAs. The fintech firm has received approval from the Competition Commission of India to merge with Guwahati-based Northeast Small Finance.
The company has received approval from the National Company Law Tribunal for the merger and banking license. Slice acquired 5 percent stake in North East Small Finance Bank for USD 3.42 million. The startup aims to create a smart, innovative, fast and transparent platform with a new generation experience.
conclusion :
Slice is a Bengaluru-based fintech startup that offers online personal lines of credit to provide consumers with faster and more secure investments. The startup received $36 million in fresh capital from Taneja Family Trust, UK2 Family Trust, Anju Family Personal Trust, and MN Family Trust. The funding round had participation from other investors including Blume Ventures, 8i Ventures, Mintcap Enterprises, and others.
The company plans to use the funds to scale its operations, improve its platform, improve its performance capability, and expand in the global market. After this round, existing investor Tiger Global holds the largest external stake with 7.9 percent. The startup uses various technologies to provide innovative loan solutions to its customers.
