Home Design company Indian FinTech Slice Raises $ 220 Million, Achieves ‘Unicorn’ Status

Indian FinTech Slice Raises $ 220 Million, Achieves ‘Unicorn’ Status

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NEW DELHI, Nov.29 (Reuters) – Indian fintech Slice on Monday announced it had raised $ 220 million in a Series B funding round led by investment giant Tiger Global and private equity firm Insight Partners, who valued the company at over $ 1 billion.

New and existing investors including Sunley House Capital, a subsidiary of private equity firm Advent International, investment firm Moore Strategic Ventures, Japan’s Gunosy Capital and India’s Blume Ventures also participated in the round, said Slice.

“Much of the capital will not be used for burning, but it will be used for increasing (on a larger scale),” Rajan Bajaj, founder and CEO of the company, told Reuters.

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Slice, which has around 600 employees, will also use the new funds to step up recruitment of skills such as engineering, design and data science, and to add new consumer products, he said.

Slice currently offers a credit card aimed at young Indians. Registration and card application are completely digital – via its app on the Google Android Play Store (GOOGL.O) and the Apple App Store (AAPL.O).

Allowing users to split their bill into three interest-free monthly installments is one of the key features of the Slice Card.

The company currently has 5 million registered users on its app, Bajaj said.

Slice is also preparing to launch payments on India’s Unified Payment Interface (UPI), a state-backed system that simplifies interbank money transfers and merchant payments, Bajaj said.

“What we are doing for cards today, we will also do for consumer payments. We then launch our UPI product,” Bajaj said without giving a schedule.

FinTech Paytm (PAYT.NS), backed by the Ant Group in China, Google and Walmart’s PhonePe (WMT.N) are currently among the major players in India offering UPI-based payments.

Bajaj, an engineering graduate, founded the Bengaluru-based startup in 2016.

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Reporting by Sankalp Phartiyal; Editing by Angus MacSwan

Our Standards: Thomson Reuters Trust Principles.