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

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.