Slice Secures Additional Debt Financing
Slice founder 
Consumer lending and payments platform, Slice, has secured an additional debt investment of Rs 65 crore, equivalent to approximately $8 million, from Neo Markets. This marks the second debt financing round for the Bengaluru-based company in the current year.
Investment Details
Slice’s regulatory filings with the Registrar of Companies (ROC) reveal the issuance of 650 non-convertible debentures (NCDs) at an issue price of Rs 10,00,000 each, aggregating to a total investment of Rs 65 crore. The debentures carry a coupon rate of 15% and mature in 21 months.
Part of Larger Debt Round
Sources indicate that this investment is the second tranche of Slice’s larger $30 million debt funding round. The company previously secured Rs 170 crore ($20.5 million) from Neo Markets in June 2023.
Core Business and Value Proposition
Founded by Rajan Bajaj, Slice offers a comprehensive financial platform centered around physical and virtual cards, catering primarily to millennials. The company empowers students and salaried professionals to make online purchases on estimated monthly installments (EMIs) without requiring collateral, thereby facilitating credit score building.
Financial Performance and Investor Backing
Slice has raised a total of $340 million to date, achieving a valuation exceeding $1.5 billion during its Series C funding round in November 2021. Gunosy Capital holds the largest stake in the company at 14.84%, while co-founder Rajan Bajaj owns 8.21%.
Strategic Merger
In October 2023, Cut reported a consolidation with North East Little Money Bank (NESFB) to extend its monetary administrations contributions. This essential move followed Cut’s underlying obtaining of a 5% stake in the Guwahati-settled bank in Walk 2022.
Financial Growth
Cut has exhibited amazing development, with income arriving at Rs 843 crore in the financial year finishing Walk 2023. Nonetheless, the organization’s misfortunes likewise extended by 59.8% to Rs 406 crore during a similar period.
Cut’s capacity to get extra obligation supporting in the midst of a difficult monetary climate highlights financial backer trust in the organization’s development prospects and its capability to upset the buyer loaning and installments scene.