Fintech Unicorn Slice Secures INR 75 Crore in Debt from Stride Ventures
- ByStartupStory | November 14, 2023
Fintech unicorn Slice has raised INR 75 crore (USD 9 million) in debt funding from Stride Ventures. This development follows a special resolution by the company to allot 7,500 non-convertible debentures at an issue price of INR 1,00,000 per share. The debentures, featuring an interest rate of 14.25% per annum, boast a 15-month tenure. Interestingly, the debt round has the potential to extend to INR 300 crore (USD 35 million), according to regulatory filings.
Slice has been in the news for its strategic moves, with the recent announcement of a merger with North East Small Finance Bank (NESFB) aimed at bolstering financial accessibility. Notably, Slice had acquired a 5% stake in NESFB in March, valuing the small finance bank at approximately USD 68.4 million.
The fintech company, which attained a valuation of over USD 1.5 billion during the Series C round in November 2021, has now raised a total of USD 340 million. This latest funding from Stride Ventures adds another layer to Slice’s robust financial foundation.
Slice, founded in 2016 by Rajan Bajaj, provides credit and payment cards (in collaboration with Visa and SBM Bank) to young consumers with little or no credit history.
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