Slice raises $1.4 mn via four debt issues

Slice, a payments platform offering solutions to millennials, has raised $1.4 million in October through four debt issues from existing investors.

Garageprenuers Internet, which owns the lending platform, raised the funds through compulsorily convertible debentures, regulatory filings show.

The fintech startup raised almost $30,000 from Shubhrendu Khoche, angel investor and head of new product and business development at global payments platform Finablr and nearly $1million from Japanese private investment firm Das Capital. 

It also raised $334,952 from Mellisa Frakman, partner at Emphasis Fintech Fund, Kunal Shah-owned QED Innovation Labs and Germany-based asset management company AL Trust.

The Bengaluru-based company received the licence to operate as a non-banking finance company from the Reserve Bank of India early this year and has branches in Mumbai, Pune, Bengaluru, Hyderabad and Chennai. 

In September, Slice had raised $2.9 million from Pegasys Wings Group, jointly owned by Das Capital and Gunosy Capital. In 2018, the company had raised $14.9 million in Series A round from China’s FinUp Finance Technology Group.  

Founded in 2016, the company provides collateral-free credit of up to Rs 60,000 through Slice cards, which can be paid via monthly instalments. The card can be used to shop on ecommerce platforms such as Flipkart, BookMyShow, Amazon, PayTm, Myntra, and UberEats.    

Slice claims to have 200,000 active customers and is currently present in 12 cities including Mumbai, Chennai, Hyderabad, Pune and Ahmedabad.