Exclusive: Slice raises $8.6 Mn from CEO Rajan Bajaj

Consumer lending and payments startup Slice has raised Rs 71.7 crore (approximately $8.6 million) from its founder and CEO, Rajan Bajaj, via partly paid-up shares.

This follows the company’s recent Rs 300 crore debt funding round, raised through convertible debentures co-led by Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust.

According to a special resolution passed by Slice’s board, 22,000 equity shares will be issued at an issue price of Rs 32,606 each, as per the company’s regulatory filing with the Registrar of Companies. 

Bajaj’s investment will be completed in one or more tranches and is designated for general business purposes.

Slice offers a physical and virtual card aimed at millennials, allowing students and salaried professionals to purchase products and services online with collateral-free EMIs through its app, while also helping users build credit scores.

The Bengaluru-based company has raised nearly $400 million in funding, including a $220 million Series B round led by Tiger Global and Insight Partners. According to TheKredible, Tiger Global is the largest stakeholder, followed closely by Insight Partners.

See TheKredible for the complete shareholding pattern.

While FY24 numbers are yet to be disclosed, Slice saw threefold growth in FY23, with revenue climbing to Rs 847 crore from Rs 283 crore in FY22. However, in pursuit of growth, Slice’s losses up by 59.8%, to Rs 406 crore in FY23 compared to Rs 254 crore in FY22.

In 2024, several startup founders and executives have reinvested in their companies. Recently, Yubi founder and CEO Gaurav Kumar invested $30 million in his startup, while Oyo founder Ritesh Agarwal contributed $100 million through his Singapore-based entity, Patient Capital. Co-founders of EV firm Ather Energy, Tarun Mehta and Swapnil Jain, also invested $10 million in their company. Omnichannel jewelry startup Giva also raised an undisclosed sum from its senior management.