Fintech unicorn Slice has received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB). The merger, originally announced in October 2023, aims to combine advanced technology with deep community understanding to drive financial inclusion across India.
This strategic integration will enable the merged entity to offer an expanded range of products, improved omni-channel services, and a seamless banking experience for customers, according to Slice’s press release.
The NCLT sanctioned the scheme of arrangement and amalgamation involving multiple entities, including Garagepreneurs Internet Private Limited, Quadrillion Finance Private Limited, Intergalactory Foundry Private Limited, RGVN (North East) Microfinance Limited, and North East Small Finance Bank Limited.
Prior to the merger, Slice had acquired a 5% stake in the Guwahati-headquartered NESFB for $3.42 million in March 2022. This merger received necessary approvals from the Competition Commission of India (CCI), Registrar of Companies (RoC), Reserve Bank of India (RBI), and the Income Tax Department.
The announcement comes shortly after Slice’s successful completion of a $30 million debt round. The Bengaluru-based company has raised $340 million to date and was last valued at over $1.5 billion during its Series C round in November 2021. According to data intelligence platform TheKredible, Slice’s co-founder and CEO Rajan Bajaj holds an 8.21% stake in the company.
In FY23, Slice reported a threefold increase in revenue to ₹843 crore, though losses also rose by 59.8% to ₹406 crore. Despite challenges arising from regulatory changes by the RBI, Slice has managed to scale operations and continues to grow. It has yet to file its financial results for FY24.
