Bangalore, India-based fintech unicorn Slice raised USD 50 million as a part of its Series C round on June 1, 2022. The round included investors such as the U.S-based Tiger Global, Insight Partners, and Moore Strategic Investors. Meanwhile, Japan-based GMO Venture Partners joined in as a new investor.
Purpose of Funding for Slice
Slice wants to extend the financing round to raise at least another USD 50 million. However, it would take the round size to USD 100 million with a broader slowdown in large-ticket size. With the recent investment, Slice looks to shore up its balance sheet, as well as grow its payment business. It entered the unified payments interface (UPI) last month.
The speculation for the firm’s valuation stands at USD 1.5 billion to USD 1.8 billion. The company joined the much-coveted unicorn club in November 2021. Back then, it raised USD 220 million in its Series B round co-led by Tiger Global and Insight Partners.
What the founder has to say
“Investors continue to back businesses which are doing well. We were well-capitalised from the previous round and have raised the round to grow our UPI product and shore up our balance sheets. Since it was a smaller transaction, we were not in touch with a lot of investors,” said Rajan Bajaj, founder and CEO of Slice.
“We were profitable after-tax in 2021. However, since we were scaling up, we haven’t been profitable in the last few quarters. Our NBFC continues to be profitable, and we will see our card business be profitable in the coming months. With the significant growth in wallet share of Slice cards, it became increasingly clear that our customers would love to use Slice for all their payment needs. Driving on that, we made our next important product launch with UPI, which has been gaining strong early traction. We are excited about the long journey ahead of us,” he further added.
What the investor has to say
“Slice is leading the way for innovation, customer experience, and growth in India’s rapidly developing payments market. We are delighted to continue our partnership with Rajan and his team as they improve and expand payment products with the goal of making money more relatable for the consumer,” said Tiger Global partner Alex Cook.
About Slice
Founded in 2016 by Rajan Bajaj, Slice is a fintech startup. The platform taps into the new-age millennials and Gen Z customers, who have largely been refused credit cards due to bad credit scores. Besides, it offers discovery and discounts through its commerce platform, Spark, which drives footfalls and purchases across its partner merchants. So far, Slice has served 12 million customers.
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