Total amount raised
$125 Million
Latest funding date
4/1/2021
Location
slice has raised funding over 15 rounds, with a total of 35 investors backing the company. The platform is designed to revolutionize banking in India by offering transparent, user-friendly financial services.
Keep reading to explore the intricacies of slice's fundraising journey and the investors supporting this innovative platform.
What Is slice?
Slice, founded in 2016, is a private financial services company based in Bangalore, Karnataka, India. The company operates in the banking, credit cards, financial services, fintech, and payments industries.
With an employee count ranging from 1001 to 5000, slice aims to build India's most loved bank. The company is known for its transparent, user-friendly financial services, offering features like high-interest savings accounts and competitive fixed deposit rates.
Rajan Bajaj is a notable figure associated with slice, contributing to its vision of modernizing banking in India.
How Much Funding Has slice Raised?
- Round Name: Series B
- Amount Raised: USD 220,000,000
- Date: November 2021
- Lead Investors: Insight Partners, Tiger Global Management
- Valuation at Round: USD 1.3 billion
- Motivation Behind the Round: To scale operations and expand market reach.
- Round Name: Series C
- Amount Raised: USD 50,000,000
- Date: June 2022
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and expansion in the financial services sector.
- Round Name: Debt Financing
- Amount Raised: INR 750,000,000
- Date: November 2023
- Lead Investors: Stride Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To bolster the company's financial stability and support its expansion plans.
- Round Name: Debt Financing
- Amount Raised: INR 2,350,000,000
- Date: June 2024
- Lead Investors: Neo Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support corporate purposes and working capital requirements.
- Round Name: Undisclosed
- Amount Raised: INR 717,000,000
- Date: October 2024
- Lead Investors: Rajan Bajaj
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support general business purposes and ongoing operations.
Total Amount Raised: USD 270,000,000
Current Valuation: USD 1.3 billion
Key Investors
- Rajan Bajaj
- Details: Rajan Bajaj is the founder and CEO of slice. He has been a key investor in multiple funding rounds for the company.
- Investment Focus Areas: Fintech, consumer credit services
- Notable Investments: Slice
- Tiger Global Management
- Details: Tiger Global Management is a leading global investment firm focused on private and public companies in the internet, software, consumer, and financial technology sectors.
- Investment Focus Areas: Internet, software, consumer, financial technology
- Notable Investments: Facebook, LinkedIn, Flipkart
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm investing in growth-stage technology, software, and internet businesses.
- Investment Focus Areas: Technology, software, internet businesses
- Notable Investments: Twitter, Shopify, DocuSign
- Blume Ventures
- Details: Blume Ventures is an early-stage venture capital firm investing in technology startups in India.
- Investment Focus Areas: Early-stage technology startups
- Notable Investments: Unacademy, Dunzo, HealthifyMe
- 8i Ventures
- Details: 8i Ventures is a venture capital firm investing in early-stage technology companies.
- Investment Focus Areas: Early-stage technology companies
- Notable Investments: M2P Fintech, YAP
What's Next for slice?
Slice is poised to capitalize on several significant opportunities. The merger with North East Small Finance Bank will enable the company to offer technology-driven financial services to a broader customer base. Additionally, the launch of UPI credit cards and UPI-powered bank branches opens new revenue streams and market segments, particularly targeting young consumers and underserved populations.
Future fundraising opportunities appear promising, with Slice in talks to raise $250-300 million. The company has a strong history of successful funding rounds, including a $220 million Series B round and multiple debt rounds. Continued investment from founders and senior executives, as well as potential equity and debt financing, will support Slice's growth and expansion plans.
However, challenges remain. Managing increased losses while pursuing growth, integrating services post-merger, and navigating regulatory changes are significant hurdles. Competition from other fintech companies and traditional banks also poses a threat. Despite these challenges, Slice's strategic initiatives and market positioning suggest a bright future ahead.
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