Fintech startup Slash has been purchased by Finix Partners, a venture capital firm run by former BharatPe co-founder Bhavik Koladiya.
All stakeholders, including the founders and investors, have left Slash, according to sources, while Finix Partners has kept the company’s intellectual property, trademark, and other assets.
“Slash’s entire workforce has either left or let go in the past few weeks,” said one of the sources.
“…We plan to run it independently as a part of Finix Partners portfolio companies. The Slash App is being revamped and will be relaunched soon for the new users,” he said.
Slash, a Delhi-based company founded by Laman Ansari and Rahul Mahajan, was owned by Greenbacks Technologies Private Limited. Tanmay Bhat and Elevation Capital are two of its investors. The company’s CEO, Ansari, left the startup in April and is now employed as a machine learning consultant at Anthropic, a business based in the UK.
According to sources, Slash was also having financial problems and was unable to raise the series A round.
“Slash was exploring M&A opportunities for the past six months and held talks with several large fintech companies,” said the person quoted above.
The platform was used by Shopify merchants as an e-commerce store and for UPI payments.
OTPless, a SaaS startup that was incorporated in December 2021, is currently led by Koladiya as CEO. The business is also included in his family office Finix Partners’ portfolio.
