Slice, a Bengaluru-based fintech firm operated by GaragePreneurs Internet Pvt. Ltd, announced it is set to raise debt funding from the investment and consulting arm of Gunosy Inc., a Japan-based news and technology services company.
According to regulatory filings by Slice, it will raise $3 million (Rs 22.5 crore) from Gunosy Capital Pte. Ltd.
Following the issue, Gunosy shall hold a 8.12% stake in Slice on a fully diluted basis, Slice said in its filing. The development was first reported by Inc42.
Slice – initially known as Slicepay – was set up in 2016 by Rajan Bajaj and Deepak Malhotra. The company says it aims to build a “smart, simple and transparent financial platform” aimed at the youth.
It currently offers a digital credit solution that is targeted at young consumers. Going by its website, the “Slice card” is a zero-fee solution that offers instant verification and activation. It also allows for longer repayment periods than credit cards.
As per the VCCEdge data, Slice raised $1.4 million in October last year via four debt issues. Prior to that, in September, it had raised $2.9 million from a firm jointly owned by Das Capital and Gunosy Capital.
In October 2017, the company raised $2 million (around Rs 13 crore) in a Series A round from Japan-based Das Capital and Smile Venture Partners, the Russian early-stage investor. Blume Ventures, an existing investor in the firm, also participated in that round.
