Slice Secures Rs 71.7 Crore from Founder Rajan Bajaj
Consumer lending and payments startup Slice has continued its fundraising spree by securing a significant investment of Rs 71.7 crore from its founder and CEO, Rajan Bajaj. This injection of capital is part of an ongoing effort by Slice to fuel its expansion and fortify its position in the burgeoning market.
Details of the Investment:
In a special resolution passed by Slice’s board, the company authorized the issuance of 22,000 partly paid-up shares at an issue price of Rs 32,606 each. This will see a total of Rs 71.7 crore (approximately $8.6 million) injected into the company. The investment will be made by Bajaj in one or more tranches and will be used for general business purposes.
Company’s Financial Progress:
Slice, which has its HQ in Bengaluru, has witnessed significant growth in recent times. The company’s revenue for FY23 stood at Rs 847 crore, a threefold increase from Rs 283 crore in FY22. Despite this growth, Slice saw its losses surge to Rs 406 crore in FY23, up by 59.8% from Rs 254 crore in FY22.
Pattern of Funding:
In addition to this investment, Slice has secured approximately $400 million in total funding, with a notable Series B round of $220 million led by Tiger Global and Insight Partners. According to TheKredible, Tiger Global is the largest stakeholder in the company, closely followed by Insight Partners.
Recent Market Trend:
In a recent trend, several startup founders and executives have been investing in their companies. The examples include Yubi founder Gaurav Kumar investing $30 million, Oyo founder Ritesh Agarwal investing $100 million through his entity, and Ather Energy co-founders Tarun Mehta and Swapnil Jain investing $10 million.
