Consumer lending and payments startup Slice has secured ₹71.7 crore (approximately $8.6 million) from its founder and CEO » , Rajan Bajaj » , through the issuance of partly paid-up shares.
This investment follows the company’s recent ₹300 crore debt funding round, which was obtained through convertible debentures co-led by the Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust.
According to a special resolution approved by Slice’s board, 22,000 equity shares will be offered at an issue price of ₹32,606 each, as detailed in the company’s regulatory filing with the Registrar of Companies.
Bajaj’s investment will be executed in one or more installments and is intended for general business needs.
Slice provides millennials with both a physical and virtual card, helping them build credit ratings while allowing students and working individuals to make online purchases through collateral-free EMIs via its app.
The Bengaluru-based startup » raised $220 million in a Series B funding round led by Tiger Global and Insight Partners, accumulating nearly $400 million in total funding. Tiger Global holds the largest share, followed closely by Insight Partners, according to TheKredible » .
Slice experienced a threefold increase in revenue during FY23, reaching ₹847 crore, up from ₹283 crore in FY22; however, data for FY24 has yet to be released. In its pursuit of growth, Slice’s losses rose by 59.8%, climbing from ₹254 crore in FY22 to ₹406 crore in FY23. Read More »
Share