Fintech startup slice raises Rs165 crore in debt in FY21

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Bangalore: Fintech startup slice has raised a cumulative debt of Rs165 crore in pandemic-struck FY21 from 18 leading financial institutions.

Northern Arc Capital Limited, Vivriti Capital Private Limited, AU Small Finance Bank, Incred Financial Services Limited, Pace Fincap Private Limited, Western Capital Advisors Pvt Ltd, and Innoven Capital India Pvt Ltd are among other financial institutions.

Out of this, the fintech startup slice has raised Rs126 crore in just the last five months of FY21. Catering to India’s youth, it has over 300,000 members and 900,000 on the waitlist today, 70% of them being young working professionals.

It has processed a transaction volume of over $250 million (approx over Rs182 crore) and plans to achieve a GTV run rate of $1 billion in FY22. With this, slice also plans to grow its member base by more than 3x to 1 million in the next 12 months.

“Last year was volatile, which makes it even more empowering for us to have such strong financial institutions show solidarity with our vision. The number of institutions investing in us has grown significantly in FY21 alone, a validation of our strategy of keeping the lowest NPAs in the industry,” said Rajan Bajaj, Founder and CEO – slice.

“Our priority right now is to support the country in every way possible as we all collectively fight the second wave. We have all learnt several lessons from the pandemic last year which will help us put our best foot forward & cater to our members’ needs adeptly. Customer centricity and business agility are more important in today’s times than ever before,” added Bajaj.

In the last few quarters, slice has witnessed significant growth in terms of consumers and the size of the team.

Despite the pandemic, this fintech startup slice grew 125% in 2020 and has recorded a 40-50% increase in average customer spends. It also plans to double its employee strength in 2021 with a major focus on tech, product and design.

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