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Exclusive: Slice concludes $30 Mn debt round from existing investor

EntrackrEntrackr ยท 12m ago
Exclusive: Slice concludes $30 Mn debt round from existing investor
Medial

Consumer lending and payments startup Slice has raised Rs 65 crore (nearly $8 million) in debt from Neo Markets. This is the second debt investment for the Bengaluru-based company this year. The board at Slice has passed a special resolution to issue 650 non-convertible debentures (NCD) at an issue price of Rs 10,00,000 each to raise Rs 65 crore, its regulatory filing accessed from the Registrar of companies (ROC) shows. The debt investment has a coupon rate of 15% with a tenure of 21 months, the filing further added. As per sources, this is the second tranche of its $30 million debt round. The company had raised Rs 170 crore or $20.5 million in debt from the same investors in June this year. Founded by Rajan Bajaj, Slice provides a physical and virtual card focused on millennials. It enables students and salaried professionals to buy collateral-free products and services online on estimated monthly installments (EMIs) through an app and helps them build credit scores. Slice has raised $340 million to date and was valued at over $1.5 billion during the Series C round in November 2021. As per data intelligence platform TheKredible, Gunosy Capital is the largest stakeholder in the company with a 14.84% stake. The companyโ€™s co-founder Rajan Bajaj holds 8.21% stake. The complete shareholding pattern can be checked here. In October 2023, Slice and North East Small Finance Bank (NESFB) announced 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.

Exclusive: Peak XV-backed Neo raises fresh capital

EntrackrEntrackr ยท 11m ago
Exclusive: Peak XV-backed Neo raises fresh capital
Medial

Wealth and asset management firm Neo has raised Rs 32 crore (nearly $4 million) via private placement. This is the first round of investment for the Mumbai-based company in 2024. The board at Neo has passed a special resolution to issue 1226 equity shares at an issue price of Rs 2,60,799 each to raise Rs 32 crore (approximately $3.85 million), its regulatory filing accessed from the Registrar of Companies (RoC) shows. Morde Foods invested Rs 20 crore while SN Damani Developers and Bridgemonte Advisors pumped in Rs 10 crore and Rs 2 crore respectively. According to the company, the funds will be used for growth and business operations. As per TheKredibleโ€™s estimates, the company has been valued at around Rs 1,349 crore or $162.5 million post-allotment. Following the fresh proceeds, Morde Foods will hold a 1.48% stake while S N Damani Developers and Bridgemonte Advisors command 0.74% and 0.15% capital of Neo Wealth. The company has raised around $78 million to date including its $35 million Series B round led by Peak XV (formerly Sequoia Capital) in October last year. Launched by Nitin Jain, Neo provides clients, who are some of the top billionaires in the country, with advisory and yield-based investment solutions which it claims to deliver in a transparent and cost-effective manner. The company claims that it has more than $3 billion (close to Rs 25,000 crore) in assets under advisement (AUA), including $360 million (around Rs 3,000 crore) in assets under management (AUM). Neo demonstrated 9X growth to Rs 65.1 crore in revenue with a mere loss of Rs 3.6 crore during the fiscal year ending March 2023. The company is yet to file its annual report for FY24.

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