Bangalore-based fintech unicorn Slice raised Rs 71.7 crore (around $8.6 million) from its founder and CEO, Rajan Bajaj.
The funding comes from partially paid-up shares, as revealed in the company’s regulatory filing with the Registrar of Companies. Slice’s board of directors approved a special resolution to issue 22,000 shares at a price of Rs 32,606 each.
The investment will be made in one or more tranches, focusing on overall corporate objectives to support Slice’s expansion and operational objectives.
Recent funding and investors
Last month, Entrackr reported that Slice is raise Rs 300 crore (approximately $36 million) through convertible debt.
At the end of November 2021, Slice has become 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 physical and virtual cards, primarily targeting millennials.
The startup allows users, including students and salaried professionals, to make online purchases without collateral, providing the flexibility of paying via EMI (Equated Monthly Installments).
This not only facilitates smoother transactions but also helps users establish their credit scores. Over the years, it has positioned itself as a leading player in the field of consumer loans and payments, particularly attracting young people.
Support from leading investors
So far, the tranche 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 difficulties achieving profitability. For FY23, the fintech startup reported a sharp rise in losses, which increased by 59.8 per cent to Rs 406 crore, compared to Rs 254 crore in the previous year.
Nonetheless, it managed to maintain revenue growth, which reached Rs 847 crore during the same period.