Slice launches its first $8.5 million ESOP repurchase program
- ByStartupStory | February 15, 2022
The company that owns the digital payment platform slice, GaragePrenuers Internet Pvt. Ltd has announced its first repurchase of employee stock options (ESOPs) worth Rs 65 crore (about $ 8.5 million).
Around 60 past and current workers with vested shares in the unicorn are eligible for the repurchase, according to the unicorn. Customers can get loans via the platform in order to buy items and services online from authorized merchant portals or e-wallets.
In November 2021, slice reached the unicorn club (The company with a valuation of $1 billion and above) after receiving $220mn in its Series B financing co-led by Tiger Global and Insight Partners. In 2021, it became India’s eighth unicorn fintech.
Slice said that it had grown by 40% month over month and had approximately seven million active users.
The business wants to roll out its UPI solution in 2022 to further improve the payments experience of the millennials and Gen-Z in India.
Moreover, slice generated operating revenues of Rs 35.35 crore for FY21, which has climbed by more than 18 per cent from Rs 29.88 crore in FY20.
Quadrillion Financing Pvt. Ltd., the company’s non-banking finance subsidiary, increased its income from operations to Rs 38.81 crore in FY21, up from Rs 12.01 crore in FY20. According to a CARE Rating report, the reported profit after tax fell from Rs 0.65 crore in FY20 to Rs 0.38 crore in FY21.
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