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RBI approves Rajan Bajaj as MD and CEO of Slice

EntrackrEntrackr · 3h ago
RBI approves Rajan Bajaj as MD and CEO of Slice
Medial

Snippets RBI approves Rajan Bajaj as MD and CEO of Slice Fintech company Slice has announced the appointment of its founder, Rajan Bajaj, as Managing Director and Chief Executive Officer. Bajaj previously served as Executive Director of the company. The appointment has been approved by the Slice Board, shareholders, and the Reserve Bank of India (RBI). Bajaj founded Slice in 2016 and led the company from a consumer fintech startup into a regulated bank following its merger with North East Small Finance Bank in 2024. The company claims to have served more than 20 million registered users, employs over 3,000 people, and has raised over $250 million from prominent investors including Tiger Global, Insight Partners, and Advent International. Bajaj built Slice’s lending distribution and payments businesses under GIPL. In 2019, he also established Quadrillion Finance, QFPL, a wholly-owned NBFC of GIPL that extended credit to retail customers and small businesses using technology-led underwriting and efficient risk processes. QFPL was profitable and, along with GIPL, later merged into Slice’s banking entity. Over the last three quarters of FY26, Slice reported a Profit After Tax of Rs 27.97 crore. Asset quality remains stable, supported by disciplined underwriting and in-house risk infrastructure. Within one year of commencing full banking operations, more than 4 million savings accounts have been opened with it. Commenting on the appointment, Bajaj said, “I am grateful to the Reserve Bank of India and our Board for the confidence they have placed in me. More people need banking in India today than at any point in our country's history. The digital infrastructure to serve them well and at a fraction of the traditional cost now exists. And for the first time, technology makes it possible to offer every customer the kind of financial products that until recently were only available to the wealthiest few.” Slice operates as a full-stack bank, offering solutions such as the Slice savings account, Slice fixed deposits, Slice UPI, Slice borrow, the Slice UPI credit card, and India’s first UPI-led bank branch.

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Slice completes merger with North East Small Finance Bank

EntrackrEntrackr · 1y ago
Slice completes merger with North East Small Finance Bank
Medial

Fintech unicorn Slice has completed its merger with North East Small Finance Bank (NESFB), effective October 27, 2024. This milestone comes two months after Slice secured approval from the National Company Law Tribunal (NCLT) for the merger, which was first announced in October 2023. In March last year, Slice acquired a 5% stake in the Guwahati-headquartered bank for approximately $3.42 million. This merger combines the operations, assets, and brands of both companies, forming a unified, tech-driven banking institution, according to a press release from Slice. The new entity will offer a range of banking products, including savings accounts, fixed deposits, and credit services, with a seamless integration process that ensures uninterrupted service for existing customers. NESFB’s established presence in the Northeast will remain a focus, as the new entity aims to enhance financial inclusion and promote economic growth in the region. Satish Kumar Kalra, MD & CEO of NESFB, described the merger as a landmark development, highlighting its transformative potential for banking in India, particularly in the Northeast. Last month, Slice raised Rs 300 crore ($35 million) through convertible debentures, co-led by the Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust. The company’s founder, Rajan Bajaj, also invested $8.6 million this month. Despite facing disruptions from the RBI’s regulatory changes for card issuers, Slice managed significant growth during FY23. The Bengaluru-based company recorded a threefold increase in revenue to Rs 843 crore in FY23, while losses grew by 59.8% to Rs 406 crore. It has yet to file its annual financial results for FY24.

North East Small Finance Bank to rebrand as Slice Small Finance Bank

EntrackrEntrackr · 1y ago
North East Small Finance Bank to rebrand as Slice Small Finance Bank
Medial

North East Small Finance Bank Limited (NESFB) is set to undergo a rebranding initiative with a proposed name change to Slice Small Finance Bank Limited (Slice SFB), according to a company extraordinary general meeting (EGM) notice. The name change has already received a “no objection” letter from the Reserve Bank of India (RBI) on January 16, 2025, and is subject to final approval by the Registrar of Companies. Slice had announced the completion of the merger in October last year, following approval from the NCLT. The deal originated in March 2023, when Slice acquired a 5% stake in the Guwahati-headquartered bank for around $3.42 million. This merger combines the operations, assets, and brands of both companies, forming a unified, tech-driven banking institution. Post-merger, the bank’s net worth has surged to Rs 912.58 crore, while its CRAR has risen to 23.67%, according to the EGM notice. Additionally, the NNPA has improved from 6.69% to 4.62%. Slice is also in talks to raise $250-300 million. Last year, the company raised nearly $8.6 million from its founder and CEO, Rajan Bajaj, via partly paid-up shares and over $36 million in a debt funding round. Slice saw threefold growth in revenue to Rs 847 crore in FY23 from Rs 283 crore in FY22. However, this rapid growth came at a cost, as the company’s losses increased by 59.8% to Rs 406 crore during the period.

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

EntrackrEntrackr · 1y 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 company’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.

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