Fintech startup Slice has secured Rs 65 crore in debt funding from Neo Markets. This is the second debt investment for the Bengaluru-based company this year.
Its filing with the Registrar of Companies (ROC) suggests that the company board passed a special resolution to issue 650 non-convertible debentures (NCDs) at an issue price of Rs 10,00,000 each to raise the total amount. The debt funding’s tenure is 21 months with a coupon rate of 15%.
The Bengaluru-based company had previously raised Rs 170 crore in debt funding from the same investors earlier in June. The recent fundraising is the second tranche of its $30 million debt round.
Founded by Rajan Bajaj in 2016, the consumer lending and payments startup offers as its product a card both in physical & virtual form allowing students and professionals to buy collateral-free products and services online on estimated monthly installments (EMIs). It offers an app for the purpose where they can keep count of their credit scores.
So far, the Blume Ventures-backed company has secured $340 million, with Gunosy Capital as its largest stakeholder with 14.84% stakes while the co-founder Bajaj holds an 8.21% stake. As of the Series C round in November 2021, the company was valued at $1.5 billion.
While Slice had acquired a 5% stake in North East Small Finance Bank (NESFB) for $3.42 million in March 2022, the fintech and the Guwahati-headquartered bank merged in October 2023 to expand their financial accessibility.
While the fintech company is yet to submit its financial statements for FY24, it reached a size of Rs 843 crore in the financial year ended March 2023 with losses worth Rs 406 crore, 59.8% more than Rs 253 crore in FY22.
