Login

Fintech unicorn Slice raises $8.6 million from founder & CEO Rajan Bajaj

| Posted on |

  • Recent Funding: Bengaluru-based fintech unicorn Slice has raised Rs 71.7 crore (approximately $8.6 million) from its founder and CEO, Rajan Bajaj, through a special issuance of partly paid-up shares focusing on corporate expansion.

  • Previous Investment Activity: In addition to the latest funding round, Slice is reportedly raising an additional Rs 300 crore (approx. $36 million) through convertible debt, and became a unicorn in late 2021 after a funding round of $220 million, achieving a valuation over $1 billion.

  • Business Model and Offerings: Slice provides lending and payment solutions through physical and virtual cards targeted at millennials, allowing users to make purchases without collateral and pay in EMIs, which helps them build credit scores.

  • Financial Performance: Despite raising significant capital exceeding $378 million and sustaining revenue growth to Rs 847 crore, Slice reported a substantial loss of Rs 406 crore in FY23, representing a 59.8% increase from the prior year.

  • Investor Backing: Slice has attracted investments from notable firms including Stride Ventures, Neo Asset Management, and Tiger Global but still faces challenges in achieving profitability amidst its expansion efforts.

Bengaluru-based fintech unicorn Slice has raised Rs 71.7 crore (approximately $8.6 million) from its founder and CEO, Rajan Bajaj.

The funding comes through partly paid-up shares, as revealed in the company’s regulatory filing with the Registrar of Companies. Slice’s board approved a special resolution to issue 22,000 equity shares at a price of Rs 32,606 each.

The investment will be completed in one or more tranches, focusing on general corporate purposes to support Slice’s expansion and operational goals.

Recent funding and investors

Last month, Entrackr reported that Slice is raising Rs 300 crore (approximately $36 million) through convertible debt.

In late November 2021, Slice became a unicorn startup after raising $220 million in a funding round at a valuation of over $1 billion. 

Slice offerings

Founded by Rajan Bajaj, slice is a lending and payments unicorn that provides both physical and virtual cards, catering primarily to millennials.

The startup allows users, including students and salaried professionals, to make online purchases without collateral, providing the flexibility of paying through EMIs (Equated Monthly Installments).

This not only facilitates smoother transactions but also helps users build their credit scores. Over the years, it has positioned itself as a prominent player in the consumer lending and payments space, appealing particularly to younger demographics.

Backing from prominent investors

So far, the slice has raised over $378 million in funding from investors, including Stride Ventures, Neo Asset Management, and Tiger Global, among others. 

In November 2021, the Bengaluru-based startup became India’s 41st unicorn startup after raising $220 million in a funding round at a valuation of over $1 billion.

Despite significant fundraising, slice continues to face challenges in achieving profitability. For FY23, the fintech startup reported a sharp increase in its losses, which escalated by 59.8% to Rs 406 crore, up from Rs 254 crore the previous year. 

Nevertheless, it has managed to sustain revenue growth, which rose to Rs 847 crore during the same period.


Based on the provided information, here’s a structured list of the relevant entities related to Slice:

Startup

  • Name: Slice
  • Founded by: Rajan Bajaj

Founders

  • Rajan Bajaj – Founder and CEO

Recent Fundraises

  1. Latest Fundraise:

    • Amount: Rs 71.7 crore (approximately $8.6 million)
    • Type: Partly paid-up shares
    • Investor: Rajan Bajaj (Founder and CEO)
    • Purpose: General corporate purposes, expansion, and operational goals
    • Series: Not specified

  2. Previous Fundraise:

    • Amount: Rs 300 crore (approximately $36 million)
    • Type: Convertible debt
    • Status: In progress (as reported last month)
  3. Unicorn Round (November 2021):
    • Amount: $220 million
    • Purpose: Achieved unicorn status (valuation over $1 billion)
    • Series: Not specified

Total Funds Raised

  • Over $378 million to date.

Investors

  • Stride Ventures
  • Neo Asset Management
  • Tiger Global
  • Others (not specified)

Summary of Financials

  • FY23 Losses: Rs 406 crore (up 59.8% from Rs 254 crore the previous year)
  • FY23 Revenue: Rs 847 crore

This list condenses the key elements related to Slice’s funding history, founders, investors, and financial performance.

Source link

Terms          Privacy Policy