slice Gets Board Nod To Raise INR 71.73 Cr Via Partly Paid Up Shares

Fintech startup slice has secured approval to raise INR 71.73 Cr (around $8.6 Mn) through partly paid-up shares.

As per the RoC filing accessed by Inc42, slice’s board passed a resolution to issue 22,000 equity shares at an issue price of INR 32,606 per share. 

The filing further added that these shares would be issued on a preferential basis through private placement in one or more tranches. 

The development follows a special resolution passed by slice’s board in September to raise INR 300 Cr or around $36 Mn via the issue of up to 30,000 compulsory convertible debentures at an issue price of Rs 100,000 each. 

Earlier in June, slice bagged $20 Mn in debt from Neo Asset Management’s Credit Opportunities Fund and was yet to receive an additional $10 Mn. 

This comes at the heart of several ongoing developments in the company. In August, NCLT gave its nod for the merger of slice with North East Small Finance Bank (NESFB), months after the Competition Commission of India (CCI) greenlit the proposed merger. 

Founded in 2016 by Rajan Bajaj, slice (previously known as Slicepay) started operations as a buy now pay later (BNPL) platform, offering a credit card-esque prepaid payment instrument (PPI).

However, it had to change its business model after the RBI barred NBFCs from offering credit on PPI. At present, its offerings include UPI payments, consumer credit, and a prepaid payment banking account through its app. 

On the financial front, the parent entity of slice posted a 60% jump in its consolidated net loss to INR 405.8 Cr in the financial year 2022-23 (FY23) from INR 253.7 Cr in the previous fiscal year.