Slice, a consumer lending and payments startup, is expected to raise Rs 300 crore or nearly $36 million through convertible debt, which will be co-led by Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust. However, Blume Ventures and 8i Ventures also contribute a substantial amount.
According to Slice’s regulatory filings with the Registrar of Companies, the board has approved a special resolution to raise Rs 300 crore or approximately $36 million by issuing up to 30,000 compulsory convertible debentures at a price of Rs 100,000 each.
The round is being co-led by the Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust, each of which has invested Rs 30 crore. Blume Ventures and 8i Ventures (Eight Innovate Investment Trust) followed with Rs 27 crore and Rs 25 crore, respectively.
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Inland Financial Services, Mintcap Enterprises, Stargazer Ventures, Roger Bravo Advisors, and Broadbridge Capital Management are additional investors who are participating. 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 participated in the debt financing round.
Slice offers a physical and virtual card that is specifically designed for millennials. It allows students and salaried professionals to purchase collateral-free products and services online on estimated monthly installments (EMIs) through an application, thereby assisting them in the development of their credit scores.
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