Consumer lending and payments platform Slice has successfully raised approximately $8.6 million (Rs 71.7 crore) through a funding round involving partly paid-up shares from its founder and CEO, Rajan Bajaj.
This latest funding follows a significant Rs 300 crore debt round the company recently completed, utilizing convertible debentures. The funding was co-led by several investors, including Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust.
In accordance with a special resolution passed by the board, Slice will issue 22,000 equity shares priced at Rs 32,606 each, as indicated in a regulatory filing to the Registrar of Companies. The investment from Bajaj will occur in one or multiple tranches, with the funds earmarked for general business purposes.
Slice provides both physical and virtual cards tailored for millennials, enabling students and salaried professionals to make online purchases with collateral-free EMIs through its app, while also aiding users in building their credit scores.
Based in Bengaluru, Slice has amassed nearly $400 million in total funding, which includes a notable $220 million Series B round spearheaded by Tiger Global and Insight Partners. According to reports from TheKredible, Tiger Global holds the largest share in the company, followed closely by Insight Partners.
In terms of financial performance, while the figures for FY24 remain undisclosed, Slice achieved remarkable growth in FY23, with revenues soaring to Rs 847 crore from Rs 283 crore in FY22—an increase of threefold. However, this growth came at a cost, as losses rose by 59.8%, reaching Rs 406 crore in FY23 compared to Rs 254 crore the previous fiscal year.
The trend of startup founders reinvesting in their ventures continues in 2024, with Yubi’s founder Gaurav Kumar recently injecting $30 million into his startup, and Oyo’s Ritesh Agarwal contributing $100 million through his entity, Patient Capital. Additionally, co-founders of EV startup Ather Energy, Tarun Mehta and Swapnil Jain, invested $10 million into their company, while the omnichannel jewelry startup Giva secured an undisclosed amount from its senior management.