Bengaluru-based consumer lending and payments unicorn Slice has raised Rs 65 crore (approximately $8 million) in debt from Neo Markets, as exclusively reported by Entracker. This marks the second debt investment for Slice this year, following a Rs 170 crore ($20.5 million) debt raise from the same investors in June.
According to the regulatory filing accessed from the Registrar of Companies (ROC), Slice’s board has approved a special resolution to issue 650 non-convertible debentures (NCDs) at an issue price of Rs 10,00,000 each, to secure the Rs 65 crore. The debt investment carries a coupon rate of 15% with a tenure of 21 months.
Founded by Rajan Bajaj, Slice provides physical and virtual cards targeted at millennials, allowing students and salaried professionals to purchase collateral-free products and services online through estimated monthly installments (EMIs). This service also helps users build their credit scores.
In addition to the recent investments from Neo Markets, Slice secured $9.01 million in debt from Stride Ventures in November 2023.
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As per TRACXN reports, Slice has raised $342 million across 15 rounds to date, reaching a valuation of over $1.8 billion as of March 8, 2023. The company’s annual revenue stands at ₹868 crore ($108 million).
Slice boasts a robust investor base with 61 institutional investors, including Blume Ventures, Tiger Global Management, and Insight Partners. Gunosy holds the largest institutional stake in the company at 14.84%, while Kunal Shah and 17 others are among its angel investors.
In October 2023, Slice merged with North East Small Finance Bank (NESFB) to expand its financial accessibility.
The company recently won the Best Data Quality Award at TransUnion CIBIL Limited’s 14th Annual CIC 2024, further solidifying its reputation in the financial sector.
