Bengaluru-based payments company Slice completed a debt financing round worth $5.2m (approximately INR 39 crores)on Wednesday. This investment was led by multiple VCs like Vivriti Capital, Northern Arc Capital, InCred, and Growth Source.
Slice is currently operated by a company called Garagepreneurs Internet. It was founded in 2016 and secured a non-banking finance company license from the Reserve Bank of India in 2019. Since its inception, the company has expanded its presence into 18 cities in India, including prominent metropolises like Mumbai and Delhi
Slice was designed to offer non-traditional payments and credit solutions to individuals between the ages of 18 and 29.
Slice CEO Rajan Bajaj clarified that the company’s focus would be to use the latest funding to increase its customer base. The company intends to offer the millennial and GenZ slice cards with a collateral-free credit of up to INR 60,000 credit, which can be paid in monthly instalments. The beneficiaries can use the credit to spend on several e-commerce platforms like Amazon, BookMyShow, Flipkart, etc.
Bajaj added that he wants Slice to be the fintech of choice for individuals entering the world of finance for the first time. Therefore, Slice is specifically targeting those opening their first bank accounts.
From its assertions, Slice currently has more than 5 lakh customers in the waiting list and has already handled transactions worth more than INR 1000 crores (a little more than $134,200,000) for 2.6 lakh individuals.
The company held a pre-Series B funding round earlier this year, where it raised $6.1m (INR 46 crores) from Tokyo-based investor Gunosy Capital.