Slice, a Fintech Unicorn to raise Rs 200 Cr via NCDs

Slice, a Fintech Unicorn

Slice is a Fintech unicorn that took the decision of raising a funding round amounting to Rs 200 crore by allotting Non-Convertible Debentures (NCDs) including market-linked debentures on private placement.

The NCDs will be issued either at par, premium or at a discount to face value and the issue price shall be decided by the company's board.

Slice has also attempted to find the board's approval to cancel an “unsubscribed” CCPS i.e., Compulsorily Convertible Preference Shares which were offered to the existing investors - Moore Strategic Ventures.

Slice has mentioned that it is planning to utilize the fresh funding capital in supporting its new UPI product expansion. Currently, the company has raised $270 million in total funding.  

Recently, the fintech unicorn has sold its UPI payments product, shifting its focus from providing credit to offering overall payments, which has involved the company in competition with Paytm, PhonePe, Google Pay, and BHIM.

Slice was founded by Rajan Bajaj in the year 2016. Slice helps in facilitating credit and payment cards targeting young consumers with limited to no credit history.

Slice is guaranteed to have 5 million registered users on its platform, and is facilitating credit lines, starting from Rs 10,000 and going all the way up to Rs 10 lakh.  

The losses of the company, Slice, jumped 394% to Rs 8.9 crore in FY21, while its revenue from operations has jumped to 18% to Rs 35.3 crore.


“To augment resources for on-lending by the company, repayment/refinance of existing debt, working capital requirement, purchase of assets, investments, general corporate purposes, etc., the company may invite subscription for NCDs to be issued by the company in one or more series/tranches on private placement basis,” the filing read.

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