Slice raises $8.5 million from founder Rajan Bajaj
unicorn Slice has raised Rs 71.7 crore (around $8.53 million) from its founder and chief executive, Rajan Bajaj, through the issuance of partly paid-up shares.
According to regulatory filings sourced from the Registrar of Companies (RoC), Slice’s board approved the issuance of up to 22,000 partly paid-up equity shares at a price of Rs 32,606 each to be issued in one or more tranches.
This follows the Bengaluru-based company’s Rs 300 crore debt funding round, raised through compulsorily convertible debentures (CCDs) led by Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust, with participation from Blume Ventures and 8i Ventures, among others.
Slice offers prepaid accounts, UPI payments and consumer credit targeted at young consumers. Known for its no-fee credit services and rewards program, Slice has expanded into buy-now-pay-later (BNPL) services, providing a convenient financial tool for millennials and Gen Z to manage their spending.
Slice became a unicorn in 2021 after raising $220 million in a funding round led by US-based investors Tiger Global and Insight Partners. As of March 2023, the startup was valued at $1.3 billion, according to Tracxn.
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