Fintech unicorn Slice, worked by GaragePrenuers Internet Pvt. Ltd got One More noteworthy $50 million raise. The speculation was shut in a Series C financing round drove by Tiger Global. The startup entered the unicorn club with an incredible $220 million Series B subsidizing round a year ago. The valuation of the organization currently sums to $1 billion according to 63mlundentechcrunch.
The Series C
The Series C round of financing even had support from new financial backer GMO Venture Partners alongside the current ones like Moore Strategic Ventures and Insight Partners. The startup will utilize the new cash-flow to extend its UPI item. The refreshed highlights will be made accessible to 10 million new clients alongside a great many existing clients.
Cut was expressed as a purchase presently pay-later (BNPL) item in 2016. In any case, it was subsequently turned to a card item in the year 2019. This card entered an all around jam-packed UPI installment market which was overwhelmed by Walmart-upheld PhonePe and Google Pay. In any case, the proposed rule by the National Payments Corporation of India (NPCI) that upheld covering single-installment application processes accounted for new businesses and little organizations on the lookout.
The startup
The startup even anticipates sending off other installment items like NFC (close field correspondence) that will utilize free money that will be created from its credit item. The creative installment result of Slice empowers the clients to take care of their bills, deal with their costs, and open compensations consequently. The interest group of the organization is the millennial and Gen Z fragment with a typical age gathering of 27 years. Typically, individuals of this age bunch are turned down regarding Mastercards by enormous banks inferable from their insufficient credit scoring. The huge development in wallet portion of cut cards is apparent that the startup has effectively struck the right harmony for its client base.
The financial backer even expressed that they will keep on joining forces with Rajan Bajaj, the Founder and CEO of Slice as well as his group in the demonstrate. They target growing the installment items with a definitive objective of bringing in cash more engaging for the customer.
(BNPL)
Slice was stated as a buy-now-pay-later (BNPL) product in 2016. However, it was later pivoted to a card product in the year 2019. This card entered an already crowded UPI payment market which was dominated by Walmart-backed PhonePe and Google Pay. However, the proposed rule by the National Payments Corporation of India (NPCI) that advocated capping single-payment app processes made room for startups and small companies in the market. The interest group of the organization is the millennial and Gen Z fragment with a typical age gathering of 27 years. Typically, individuals of this age bunch are turned down regarding Mastercards by enormous banks inferable from their insufficient credit scoring. This card entered an all around jam-packed UPI installment market which was overwhelmed by Walmart-upheld PhonePe and Google Pay. In any case, the proposed rule by the National Payments Corporation of India (NPCI) that upheld covering single-installment application processes accounted for new businesses and little organizations on the lookout.
