SUMMARY
- Slice raises ₹71.7 Cr from founder Rajan Bajaj for general corporate purposes via paid-up shares.
- Recent debt investment of ₹300 Cr led by various family trusts through convertible debentures.
- Slice’s FY23 revenue tripled to ₹847 Cr, with losses rising by 59.8% to ₹406 Cr.
Slice, a leading Fintech firm, has raised ₹71.7 crores, (nearly $8.6 million), through partially paid-up shares from Rajan Bajaj, the company’s founder, and CEO. The investment from Bajaj will be made in one or more installments and is intended for general company uses.
This comes after the company’s recent debt investment round of ₹300 crore, which was headed by Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust and raised through convertible debentures.
As to the company’s regulatory filing with the Registrar of Companies, 22,000 equity shares would be issued at an issue price of ₹32,606 apiece, following a special resolution approved by Slice’s board.
Deepak Malhotra and Rajan Bajaj-led Fintech firm Slice, founded in the year 2016 provides a real and virtual card, aimed at millennials that helps users establish credit while enabling educators and working adults to make online purchases with no security deposit using its app.
Slice’s income increased thrice in FY23, from ₹283 crore to ₹847 crore. But in an attempt to expand, Slice’s losses increased to ₹406 crore in FY23 from ₹254 crore in FY22, a 59.8% increase.
The company has raised almost $400 million in capital, with Tiger Global and Insight Partners leading a $220 million Series B round.
