Credit card platform Slice is the newest Unicorn of the Indian startup ecosystem. The company has raised 220 million in its Series B round co-led by Tiger Global and Insight Partners. Existing investors including Advent International’s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i also participated in this funding round.
The company also saw a minor secondary share sale in this round. This round can be even bigger because the company is also in talks with a few other people and can expect another $20-30 million.
“We are targeting a user base of one million by December. The new capital will be used for expansion and growth and further making the customer experience better,” Slice founder Rajan Bajaj said.
Slice is a 5 years old company that offers up to 2% cashback on every transaction. Members can pay their card bills in 3 installments with no extra charges. The freshly raised funds will be used in customer acquisition.
If we take a look at the financial data of the company, it managed to increase its revenue from operations to Rs 35.35 crore from Rs 29.88 crore in FY20.
Slice is the 40th Unicorn of 2021. Last week, NoBroker, Spinny, and Upstox also joined the Unicorn club. We still have a month in 2021 and can expect a few companies to join this $1 billion-plus valuation club.
