Slice, an India-based fintech firm, has raised US$50 million in a series C funding round led by Tiger Global and joined by existing investors, Moore Strategic Ventures and Insight Partners.
Slice founder Rajan Bajaj / Photo credit: Slice
The latest round also saw the onboarding of a new investor, GMO VenturePartners.
Slice was founded in 2016 by Rajan Bajaj, who previously worked at Flipkart, developing the ecommerce firm’s marketplace and customer experience products.
With more than 12 million registered users, Slice focuses on young adults who may not be eligible to receive credit cards from conventional banks. It allows users to gain cashback on transactions and split bills over three months. It offers users a credit limit of up to US$13,400.
Slice will use the fresh capital in the launch of its new unified payments interface (UPI) product.
“We made our next important product launch with UPI, which has been gaining strong early traction. We are excited about the long journey that lies ahead of us,” Bajaj said in a statement.
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The company expects that its credit business will hit profitability in the coming months.
Slice joined the unicorn club in November 2021 after raising US$220 million in a series B funding round, which was co-led by Tiger Global and Insight Partners.
Editing by Deepti Sri and Joy Tirkey
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