Consumer lending and payments startup Slice has raised ₹71.7 crore (around $8.6 million) from its founder and CEO, Rajan Bajaj, through partly paid-up shares.
This follows the company’s recent ₹300 crore debt funding round, which was secured via 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 issued at an issue price of ₹32,606 each, as stated in the company’s regulatory filing with the Registrar of Companies.
Bajaj’s investment will be made in one or more tranches and is earmarked for general business purposes.
Slice provides millennials with a real and virtual card that helps them establish credit ratings while enabling students and working people to make online purchases with collateral-free EMIs via its app.
Tiger Global and Insight Partners led a $220 million Series B round of fundraising for the Bengaluru-based startup, which has received close to $400 million. Tiger Global is the largest stakeholder, closely followed by Insight Partners, according to TheKredible.
Slice saw a threefold increase in FY23, with revenue rising to Rs 847 crore from Rs 283 crore in FY22; however, FY24 data needs to be released. However, in an attempt to expand, Slice’s losses increased by 59.8%, from Rs 254 crore in FY22 to Rs 406 crore in FY23.
Several company executives and founders have made further investments in their businesses in 2024. Yubi founder and CEO Gaurav Kumar recently invested $30 million in his startup, Oyo founder Ritesh Agarwal invested $100 million through his Singapore-based company, Patient Capital, and co-founders Tarun Mehta and Swapnil Jain of the EV company Ather Energy invested $10 million. Giva, an omnichannel jewelry business, also raised an unknown amount from its top executives.
