Slice has successfully completed its merger with North East Small Finance Bank (NESFB), marking a significant step toward expanding financial access and fostering economic growth across the Northeast region of India.
In a statement, Satish Kumar Kalra, Managing Director and CEO of NESFB, emphasized the merger’s transformative impact, viewing it as a pivotal development for India’s banking landscape, with a particular focus on the underserved Northeast.
Recently, Slice secured Rs 300 crore (approximately $35 million) through convertible debentures, backed by key investors such as the Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust. Additionally, Rajan Bajaj, the company’s founder, contributed $8.6 million in funding this month.
Despite challenges posed by the Reserve Bank of India’s regulatory adjustments for card issuers, Slice achieved substantial growth during FY23. The company, headquartered in Bengaluru, witnessed its revenue surge threefold to reach Rs 843 crore in FY23, although losses increased by 59.8% to Rs 406 crore. Slice has yet to release its annual financial figures for FY24.
This merger reinforces Slice’s mission to extend financial solutions to a broader audience, especially in regions with high potential for economic empowerment.
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