Unicorns in India have sprung up like nuts in the past 11 months, thanks to the revival of the startup ecosystem in the nation and the enormous infusion of funds from international and domestic investors. The most current startup to get a “slice” of this pie is fintech startup Slice, which entered the coveted unicorn club just after boosting $220 million.
Slice elevated the resources in its Collection B funding round, led by New York-dependent international non-public equity and venture cash major Perception Associates, as properly as new and present buyers together with Arrival International’s Sunley Home Money, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i. With this round, the enterprise has elevated all-around $250 million in equity funding so considerably.
Valued at in excess of $1 billion, Slice will use the proceeds from the funding spherical to gas growth and fortify its footprint in the payment sector, make recruitments, and grow its merchandise choices. It will also use a part of the new funds to fund its non-banking money corporation (NBFC) arm, and scale its mortgage guide. It is also gearing up to launch help for UPI in the around potential.
With this, Slice turns into the 37th and the newest Indian startup to turn out to be a unicorn this yr. This list involves superior-profile names such as CRED, Meesho, PharmEasy, Zeta, Grofers, upGrad, MPL, Rebel Meals, and numerous others. This is a testomony to the revival of the startup sector and a sharp distinction to 2020, which adversely affected several industries.
“Our far exceptional product or service encounter has made us the most well-liked alternative to present credit playing cards. It has also enabled us to provide not only the populace with credit history background but also the significant new-to-credit inhabitants that banking companies have not penetrated. Being ready to marry the two merchandise working experience and threat excellence with each other, at scale, is what sets us apart,” stated Rajan Bajaj, founder, and CEO, Slice.
One of the market-top card-issuing startups in India, Slice offers a range of cards and helps end users to pay back bills in regular instalments at no demand, deal with charges and unlock benefits. The median age of its consumers is 27, numerous of whom do not very own credit rating cards. Its perform is one thing that is sorely essential in India, a greater part of whose populace proceeds to deficiency obtain to credit rating playing cards despite having lender accounts and subsequently debit cards.
The startup provides a Slice Tremendous Card as nicely, a pay as you go visa card with a credit line to permit hundreds of thousands and thousands to take pleasure in credit card-like added benefits and develop their credit rating rating – the greater the credit score score, the greater, and you can win rewards and discount rates from payments. These days, Slice is shipping and delivery in excess of 200,000 cards each and every month (generating it the third-largest card issuer in India) and has a registered user base of over 5 million end users, along with a advancement price of 40% thirty day period-on-month.