Ex-Flipkart exec’s firm turns unicorn with $220m fundraise

India-based fintech firm Slice has raised US$220 million in a series B financing round led by Tiger Global and Insight Partners, pushing the company’s valuation to over US$1 billion.

Photo credit: Slice

Investors including Moore Strategic Ventures and Blume Ventures also took part in the round. The company will use the funds to expand its presence in the payments space, increase hiring efforts, and pump out more product offerings.

Slice focuses on younger consumers, who may not be eligible to get credit cards from traditional banks. It offers a Visa-powered card available as both a physical and virtual card that is accepted at 99.95% of merchants that accept Visa, the company said.

Those who use the Slice card can avail of perks such as earning a 2% cashback on each transaction, splitting bills over three months at no extra charge, and having a credit limit ranging from 10,000 rupees (US$134) to 1 million rupees (US$13,400). Users also don’t have to pay hidden charges or annual fees.

The Indian fintech market is currently valued at US$31 billion and is expected to grow to US$84 billion by 2025.

Slice was founded in 2016 by Rajan Bajaj, who previously worked at Flipkart to develop the firm’s marketplace and customer experience products. Slice said it currently has a registered user base of over 5 million and that is has also recorded a 40% growth rate every month.

See also: Series SEA: Who’s investing in the region’s fintech startups?

Currency converted from Indian rupees to US dollar: US$1 = 75.06 rupees.