Tiger Global to Lead $100M+ Investment in Slice

Investment Interest in Slice: Expanding Credit Card Access in India

Several prominent investment firms are currently vying to invest in Slice, a fintech startup focused on broadening the availability of credit cards within the Indian market.

Tiger Global Leading Potential Funding Round

Sources indicate that Tiger Global is in advanced discussions to spearhead a funding round exceeding $100 million for the Bangalore-based company.

Other firms, including Insight Partners, Ribbit Capital, and Greenoaks, are also reportedly in talks with Slice, though these discussions remain confidential.

Ongoing Deliberations and Potential Changes

It’s important to note that these deliberations are still in progress, and the final terms of any investment are subject to change.

Slice's Previous Funding and Investors

Slice has previously secured approximately $30 million in equity financing. The company was most recently valued at under $200 million in a funding round earlier this year.

Current investors in Slice include Blume Ventures, Gunosy Capital, and Better Capital.

Tiger Global has not yet issued a comment regarding these potential investments.

The Untapped Potential of the Indian Credit Card Market

Despite widespread bank account ownership – encompassing hundreds of millions of Indians – credit card penetration remains low, with only around 30 million cards in circulation.

Many individuals in India do not meet the eligibility criteria for traditional credit cards. Furthermore, the application process is often perceived as cumbersome and time-consuming, and the associated rewards are not always considered worthwhile.

Slice's Innovative Approach to Credit Card Access

Slice has streamlined the process of obtaining a credit card, extending access to individuals who may not have conventional full-time employment.

The signup procedure is notably efficient, contributing to Slice’s emergence as a leading card issuer in India over the past two years.

Aggressive Growth Strategy and Market Expansion

The startup has actively pursued strategies to reach a wider customer base. Last month, Slice introduced a card featuring a default credit limit of 2,000 Indian rupees ($27), targeting a potential market of 200 million individuals.

Recent Card Issuance and User Base

Slice recently announced the issuance of 110,000 cards in the previous month.

Founded by Flipkart alumnus Rajan Bajaj, the company boasts over 3 million registered members, with an average age of 27.

Exploring Blockchain Technology and Innovative Work Models

Slice is also investigating the potential applications of blockchain technology, as indicated by Bajaj’s LinkedIn profile and the company’s job postings.

The firm recently announced a novel work arrangement, offering new employees a three-day workweek with full pay and benefits, aiming to attract talent interested in pursuing other ventures.