Consumer lending and payments startup Slice is preparing to raise approximately ₹300 crore (nearly $36 million) through a convertible debt issuance. The round is co-led by Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust, with significant contributions from Blume Ventures and 8i Ventures.
The Slice board has approved a special resolution to issue up to 30,000 compulsory convertible debentures at an issue price of ₹100,000 each. The co-leading trusts have each committed ₹30 crore, while Blume Ventures and 8i Ventures have invested ₹27 crore and ₹25 crore, respectively.
Additional investors in this round include Inland Financial Services, Mintcap Enterprises, Stargazer Ventures, Roger Bravo Advisors, and Broadbridge Capital Management. The financing round also sees participation from individual investors such as Krishna Kumar Karwa, Aditya Jadhav, Aryaman Jadhav, Zahir Merchant, Shikha Begwani, Nilesh Mahendra Popat, Khyati Vyas, Simran Jhaveri, Kalpana Kiran Maniar, and others.
Founded by Rajan Bajaj, Slice offers both physical and virtual cards designed for millennials. The platform allows students and salaried professionals to make collateral-free purchases and manage payments through estimated monthly installments (EMIs) via an app, helping users build credit scores.
While the company has yet to disclose its FY24 financials, Slice reported significant growth in FY23, with revenues increasing threefold to ₹847 crore from ₹283 crore in FY22. However, losses also widened by 59.8% to ₹406 crore during the same period.
To date, Slice has raised nearly $400 million, including a notable $220 million Series B round led by Tiger Global and Insight Partners. According to data from TheKredible, Tiger Global and Insight Partners hold stakes of 7.9% and 6.6%, respectively, while founder and CEO Rajan Bajaj holds a 9.3% stake.
The company recently received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB), which was announced in October 2023. In March of the previous year, Slice acquired a 5% stake in the Guwahati-based bank for approximately $3.42 million.
