The Tiger Global-backed startup received a severe jolt to its business in July 2022 when the Reserve Bank of India (RBI) shut down credit lines on prepaid cards, its mainstay at that point in time. The company still managed to grow its topline mainly through its personal loan product and partly through the payments offering.
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In May 2022, Slice raised a $50 million equity round from Tiger Global which pushed its valuation to $1.4 billion. Till date, Slice has raised $342 million in venture funding.
Among its major cost items, Slice reported a massive jump in employee costs as the startup expanded its strength significantly in the last fiscal. Its employee costs for FY23 shot up to Rs 287 crore from around Rs 99 crore. Its overall expenses went up to Rs 1,272 crore from Rs 542 crore a year earlier. While the company did not respond to queries on its financials, a Slice spokesperson commented on the planned merger with the small finance bank.
“The upcoming development represents a significant step in the banking sector and is a testament to the imminent change on the horizon for the industry. While we acknowledge the challenges this journey will present, our focus remains steadfast on long-term goals,” the spokesperson said.
Slice owns a non-banking finance company (NBFC) licence through its subsidiary entity Quadrillion Finance, which is currently in the process of merging with North East Small Finance Bank. Slice founder Rajan Bajaj is already a board member in the bank.
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ET reported on December 18 that Slice is on the lookout for $100 million in an equity round mainly to fund its banking operations. It recently appointed Satish Kumar Kalra, previously a top executive at Andhra Bank, as the chief executive officer of North East Small Finance Bank.
Originally posted 2024-01-09 09:25:04.