Consumer lending & payments startup Slice raised $30 M debt from existing investor
Slice, a consumer lending and payments startup, has raised debt from Neo Markets totaling nearly Rs 65 crore, or $8 million. The Bengaluru-based company has invested in debt twice already this year.
According to Slice’s regulatory filing, which can be accessed through the Registrar of Companies (ROC), the board approved a special resolution to issue 650 non-convertible debentures (NCDs) at an issue price of Rs 10,00,000 each in order to raise Rs 65 crore.
The filing also stated that the debt investment has a 21-month tenure and a 15% coupon rate.
This is the second tranche of its $30 million debt round, according to sources. In June of this year, the same investors had contributed Rs 170 crore, or $20.5 million, to the company’s debt.
Slice is a millennial-focused physical and virtual card that was founded by Rajan Bajaj. It helps people establish credit scores by allowing professionals and students to make online purchases of collateral-free goods and services on estimated monthly installments (EMIs) via an app.
In November 2021, Slice’s Series C round valued the company at over $1.5 billion, with $340 million raised thus far. According to the media, Gunosy Capital holds a 14.84% stake in the company, making it the largest stakeholder. Rajan Bajaj, a co-founder of the business, owns 8.21% of it.
In an effort to increase their financial accessibility, Slice and North East Small Finance Bank (NESFB) announced their merger in October 2023. For roughly $3.42 million in March 2022, Slice first purchased a 5% share in the bank with its headquarters located in Guwahati.
With a loss that increased by 59.8% to Rs 406 crore in the fiscal year that ended in March 2023, the Blume Ventures-backed company showed 3X growth. The business has not yet submitted its FY24 annual results.
