Slice, the store that lets you buy things online and pay later, is like that friend who always has your back. This year, to keep growing bigger and helping more people, Slice needed some extra cash. So, they went to their friend Neo Markets, who is kind of like a bank, and borrowed Rs 65 crore (almost $8 million)! This is actually the second time they’ve borrowed from Neo Markets this year, showing what good friends they are!
The debt had a coupon rate of 15% for 21 months
This is the second round of $30 million loan . In June of this year, the same investors had contributed Rs 170 crore, or $20.5 million, to the company’s debt.
Slice is a millennial-focused physical and virtual card that was founded by Rajan Bajaj. It helps people establish credit ratings by allowing professionals and students to make online purchases of collateral-free goods and services on estimated monthly installments (EMIs) using an app.
In November 2021, Slice’s Series C round valued the company at over $1.5 billion, with $340 million raised thus far. Rajan Bajaj, a co-founder of the business, owns 8.21% of it.
In October 2023, Slice and North East Small Finance Bank (NESFB) their merger in a move to expand their financial accessibility. Initially, Slice acquired a 5% stake in the Guwahati-headquartered bank for about $3.42 million in March 2022.
The Blume Ventures-backed company has demonstrated 3X growth, reaching a scale of Rs 843 crore during the fiscal year ending March 2023 with loss growing 59.8% to Rs 406 crore. The company is yet to file its annual results for FY24
