🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Slice completes merger with North East Small Finance Bank

EntrackrEntrackr · 8m 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.

Exclusive: Slice set to raise over $35 Mn in funding via convertible debt

EntrackrEntrackr · 9m ago
Exclusive: Slice set to raise over $35 Mn in funding via convertible debt
Medial

Consumer lending and payments startup Slice is set to raise Rs 300 crore or nearly $36 million via convertible debt co-led by Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust. While Blume Ventures and 8i Ventures also invest a significant chunk. The board at Slice has passed a special resolution to raise Rs 300 crore or around $36 million via the issue of up to 30,000 compulsory convertible debentures at an issue price of Rs 100,000 each, the company’s regulatory filings with the Registrar of Companies show. Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust co-leading the round with an investment of Rs 30 crore each. Blume Ventures and 8i Ventures (Eight Innovate Investment Trust) followed with Rs 27 crore and Rs 25 crore, respectively. Other participating investors are Inland Financial Services, Mintcap Enterprises, Stargazer Ventures, Roger Bravo Advisors, and Broadbridge Capital Management. Individuals such as Krishna Kumar Karwa, Aditya Jadhav, Aryaman Jadhav, Zahir Merchant, Shikha Begwani, Nilesh Mahendra Popat, Khyati Vyas, Simran Jhaveri, Kalpana Kiran Maniar, and seven other individuals also joined the debt financing round. 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. While the firm is yet to report FY24 numbers, Slice grew threefold to Rs 847 crore during FY23 as compared to Rs 283 crore in FY22. With the 3X spike in employee benefits and NPAs, Slice’s losses grew 59.8% to Rs 406 crore in FY23 compared to Rs 254 crore in FY22. The Bengaluru-based firm raised nearly $400 million to date including a massive $220 million Series B round led by Tiger Global and Insight partners. According to the data intelligence platform TheKredible, Tiger Global and Insight Partners hold 7.9% and 6.6% stake, respectively while its founder and CEO Rajan Bajaj commands a 9.3% stake. The company also made headlines when it received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB). Both the companies announced their merger in October 2023. In March last year, Slice acquired a 5% stake in Guwahati-headquartered bank for about $3.42 million.

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

EntrackrEntrackr · 5m 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 · 11m 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.

Slice rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru

EntrackrEntrackr · 8d ago
Slice rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru
Medial

Slice rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru According to the company, the Slice UPI credit card comes with no joining or annual charges. Users can scan QR codes or make UPI payments to access their credit lines. Fintech company Slice has launched a UPI credit card and opened a UPI-powered physical bank branch in Bengaluru, following its merger with North East Small Finance Bank. The Slice UPI credit card offers up to 3% cashback on all spends and includes a feature called Slice in 3, allowing customers to convert purchases into three interest-free instalments. The newly opened branch in Koramangala includes UPI-integrated services, self-service kiosks, and a UPI-enabled ATM supporting deposits and withdrawals. Customers can also open accounts and access other banking products at the branch. Slice aims to integrate credit more closely with UPI and expand access to users outside the traditional credit ecosystem. Unlike most fintech companies that rely on third-party banking partners, Slice operates as a bank, controlling its infrastructure, including core banking systems and credit underwriting. Slice recently passed a resolution to rebrand North East Small Finance Bank as Slice Small Finance Bank. The merger was completed in October last year. In a media interview, Slice founder Rajan Bajaj said the bank has turned profitable on a monthly basis and the group aims to go public in the next three to four years. 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. Tiger Global is the largest stakeholder, followed by Insight Partners.

Exclusive: Slice raises $8.6 Mn from CEO Rajan Bajaj

EntrackrEntrackr · 8m ago
Exclusive: Slice raises $8.6 Mn from CEO Rajan Bajaj
Medial

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.

Download the medial app to read full posts, comements and news.