Bengaluru-based credit and payment startup slice (formerly known as SlicePay), has announced that it has bagged INR 46 crore in pre-Series B round led by Tokyo-based Gunosy. The recent investment will help slice to two-fold its management team alongside exploring its banking partnerships for the launch of its co-branded prepaid cards and credit cards. It also plans to expand more than 5 lakh users on its platform by the end of FY2021.
New investors such as Kunal Shah of CRED, a Bengaluru-based financing services, the US-based venture capital firm, EMVC, and the US-based financing services, Better Capital. The existing investors, such as Japan-based venture capital firm, Das Capital, also participated in slice's pre-Series B round.
In 2016, Deepak Malhotra and Rajan Bajaj founded slice as a one-of-its-kind data-driven financial product – the slice card. It is the virtual and physical card exclusively designed for young Indian customers, including college students, freelancers, and salaried professionals. The firm claims that for the last 2 years, the startup has expanded vastly. From March 2020, it started issuing slice cards at an annual run-rate of more than 4 lakh new users and offered an NPS of more than 70.
In a statement, the startup has mentioned that it is one of the top 10 card issuers in India, and within 4 years, it has become profitable.
The Indian credit card market has grown swiftly in the past 5 years, with roughly 30 million unique users and 5 million active new credit card users yearly basis.
Your rate 3 stars is recorded
StartupWorld is the destination to learn about new and upcoming startups making waves on the web. Being an entrepreneur is as much hard work as it is fun. No one knows it better than you do. Share your story, send it in and let us showcase it to the world.