Slice, a credit and payments start-up mainly aimed at young professionals, has raised a cumulative debt of Rs 165 crore from 18 leading financial institutions. This includes Northern Arc Capital Limited, Vivriti Capital Private Limited, AU Small Finance Bank, Incred Financial Services Limited, Pace Fincap Private Limited, Western Capital Advisors and Innoven Capital India. Of this amount, the company has raised Rs 126 crore in the last five months of FY21.
“The past year has been volatile, which makes it even more exciting for us to have such strong financial institutions standing by our vision,” said Rajan Bajaj, Founder and CEO of Slice. “The number of institutions investing in us has grown significantly in this fiscal year alone.”
For Indian youth, slice has over 300,000 members and 900,000 on the waiting list. About 70 percent of them are young working professionals. The company has processed a transaction volume of over $ 250 million and expects to achieve a GTV (gross transaction value) execution rate of $ 1 billion in fiscal year 22. With this, slice expects also to increase its membership base from over 3x to 1 million over the next 12 months.
“Our priority right now is to support the country in any way we can as we all collectively fight the second wave,” Bajaj said. “We have all learned several lessons from last year’s pandemic, which will help us do our best and meet the needs of our members competently. Customer focus and business agility are more important than ever. “
Over the past few quarters, slice has experienced significant growth in terms of both consumers and team size. Despite the pandemic, the business grew 125% in 2020 and saw a 40-50% increase in average customer spend. The company also plans to double its workforce in 2021 with a focus on technology, products and design.