Bangalore dependent Fintech startup Slice has lifted $50 Mn in a refreshing Assortment C funding spherical, led by seasoned VC and firm’s present investor Tiger World-wide. Slice has additionally launched in Japan’s GMO Ventures Companions onboard as a brand new investor on this spherical.
Founder and CEO Rajan Bajaj defined “Traders keep on to again corporations that are performing successfully. We had been effectively capitalised within the earlier spherical and have lifted the spherical to extend our UPI merchandise and shore up our concord sheets. As a result of truth it was a smaller transaction we weren’t in contact with a considerable amount of traders.”
Slice choices to extend this assortment C spherical and lift atleast yet another $50 Mn, although they hope to convey in a extra wholesome sum of $150 Mn. Irrespective of, on the finish of this spherical, the agency is anticipated to be valued at $1.2 Billion. Slice joined the unicorn membership in November previous calendar yr, put up a $220 Mn funding spherical
Established in 2016 by Rajan Bajaj, Slice is a credit score historical past card funds companies that targets a younger demographic, millenials and Gen-Z, who’re ceaselessly denied credit score rating playing cards by based monetary establishments because of their subpar credit score scores. Slice challenges credit standing taking part in playing cards in partnership with VISA and SBM lender. The applying throws in supply you-discoveries and reductions to sweeten the deal, via their commerce platform Spark. Slice additionally gives credit score line to its shoppers spanning from INR 10,000 to INR 10,00,000. The proceeds from this spherical shall be utilized by the agency to additional extra develop it’s UPI platform, moving into direct rivals with home names like Google’s Gpay, PayTM, Amazon Fork out and extra.
Addressing the corporate’s effectiveness, CEO Bajaj said “We had been worthwhile after tax in 2021, even so we’ve got not been profitable previously couple quarters, because of the truth we had been scaling up. Our NBFC proceeds to be worthwhile and we’ll see our card enterprise be financially rewarding within the coming months.”
Slice has lifted a whole of $270 Mn so considerably. The enterprise has based a consumer base of 12 lakh shoppers. In line with new figures, Slice logged an enhance in losses by 394% totalling to INR 8.9 Cr, and an improve of 18% in income to INR 35.3 Cr in FY21. The enterprise additionally reported a 34% maximize in its charges, which achieved INR 47.8 Cr in FY21.
The enterprise, although focusing on a barely tighter niché for its group, faces ranges of competitors from different Fintech suppliers like Uni Card, KreditBee, Merely click on Funds, Neon and Qudian.