The millennial-focused fintech startup Slice has announced it has raised $220 Mn in a series B with its valuation topping up over $1 Bn in the latest round. With this round, Slice has become the latest entrant in India’s ballooning and fast-growing unicorn club. To be precise, it is the 41st unicorn of the ongoing year.
Last week, three startups Spinny, NoBroker and Upstox gatecrashed into India’s unicorn club.
Tiger-Global and Insight Partners co-led Slice’s series B round. Sunley House Capital, Moore Strategic Ventures, Anfa while existing Gunosy, Blume Ventures and 8i also participated in the round.
Slice has witnessed almost a 5x increase in its valuation in the latest round. The fintech startup was valued around barely $200-$250 Mn in the last financing round in June that was co-led by Gunosy & Blume Ventures.
Interestingly, interestingly earlier this year Slice’s founder Rajan Bajaj had expressed his unicorn wish aloud on his Twitter timeline. Bajaj wrote that he wanted Slice to turn unicorn before he turns 30.
The screenshot of the tweet has been shown below.
The Bengaluru based startup essentially provides physical and virtual credit cards to students and young professionals. The startup claims that the set of young professionals that it is trying to target are usually found on Instagram and twitter.
Banks with their archaic methodologies to gauge credit worthiness are not able to tap into this young millennial crowd, the startup further claims.
The company provides features like 2% cashback and the flexible option of converting monthly bill into 3 installments with no extra charges.
The four year old company has refrained from sharing any important years, apart from the fact that it currently boosts nearly 5 Mn registered users.
In Fy21, the company earned a loss of Rs 8.1 Cr, with operational revenue standing at Rs 35.35 Cr while the overall expenses stood at about Rs 47.87 Cr.