Fintech startup SlicePay has raised INR 20.5 Cr ($2.8 Mn) debt funding from Japan-based Gunosy Capital and investment arms of Das Capital, Pegasus Wings Group.
Talking about the investment, SlicePay founder Rajan Bajaj told Inc42, “We are touching 15K transactions a day and a waiting list of more than 300K customers. To keep up with the pace, fundraising is a constant for us and we keep meeting the best investors in the world.”
“This is the beginning of structured long term capital access for us from Japan’s capital markets which has $4 Tn exposure globally,” he added.
In 2018, SlicePay raised undisclosed funding as part of its ongoing Series A round led by China-based FinUp Finance Technology Group. Earlier in 2017, the Bengaluru-based company also raised $2 Mn led by Japan-based Das Capital, Simile Ventures from Russia and few undisclosed angel investors.
Founded in 2016 by Rajan Bajaj, Slicepay is a fintech startup offering credit solutions exclusively for youngsters between the ages of 18 – 29 years old. The company has also launched a payment card in collaboration with Rupay called SlicePay Card, which comes with a pre-approved credit line.
The SlicePay Card has been designed to particularly serve graduate students and young professionals like startup employees, gig workers, freelancers and small business owners who are typically underserved by banks. It can be used to make payments across 5 Mn merchants; online and offline, according to SlicePay.
Further, SlicePay also partners with ecommerce platforms to offer a no-cost EMI option for high ticket purchases on these platforms. In addition, customers can avail small, short tenure loans in case of emergency.
SlicePay claims to currently have over 180K active customers spread across 12 cities. Some of the existing investors in the company include Blume Ventures, Tracxn Labs, China’s Finup, Japan’s Das Capital, and Russia’s Simile.
Between 2015 and Q1 2019, the total investment in Indian fintech startups was $7.62 Bn with a total deal count of 478. Out of the total funding, 50.13% or $3.82 Bn was in payments tech startups, followed by 25.49% ($1.94 Bn) in lending tech startups, according to Datalabs by Inc42.
Moreover, the credit demand in India is projected to be worth $1.41 Tn by 2022. The estimated growth rate in credit demand is 3.73% between FY17 and FY22.
[This development was first reported by Entrackr.]