Founded by Rajan Bajaj, Slice provides a physical and virtual card focused on millennials. It enables students and salaried professionals to buy collateral-free products and services online on estimated monthly installments (EMIs) through an app and helps them build credit scores. Consumer lending and payments startup Slice is set to raise Rs 300 crore or nearly $36 million via convertible debt co-led by Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust. While Blume Ventures and 8i Ventures also invest a significant chunk. The Board at Slice has passed a special resolution to raise Rs 300 crore or around $36 million via the issue of up to 30,000 compulsory convertible debentures at an issue price of Rs 100,000 each, the company’s regulatory filings with the Registrar of Companies show.

Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust co-leading the round with an investment of Rs 30 crore each. Blume Ventures and 8i Ventures (Eight Innovate Investment Trust) followed with Rs 27 crore and Rs 25 crore, respectively. Other participating investors are Inland Financial Services, Mintcap Enterprises, Stargazer Ventures, Roger Bravo Advisors, and Broadbridge Capital Management. Individuals such as Krishna Kumar Karwa, Aditya Jadhav, Aryaman Jadhav, Zahir Merchant, Shikha Begwani, Nilesh Mahendra Popat, Khyati Vyas, Simran Jhaveri, Kalpana Kiran Maniar, and seven other individuals also joined the debt financing round.While the firm is yet to report FY24 numbers, Slice grew threefold to Rs 847 crore during FY23 as compared to Rs 283 crore in FY22. With the 3X spike in employee benefits and NPAs, Slice’s losses grew 59.8% to Rs 406 crore in FY23 compared to Rs 254 crore in FY22. The Bengaluru-based firm raised nearly $400 million to date including a massive $220 million Series B round led by Tiger Global and Insight partners. According to the data intelligence platform, Tiger Global and Insight Partners hold 7.9% and 6.6% stake, respectively while its founder and CEO Rajan Bajaj commands a 9.3% stake.The company also made headlines when it received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB). Both the companies announced their merger in October 2023. In March last year, Slice acquired a 5% stake in Guwahati-headquartered bank for about $3.42 million.