Slice, a payments and credit solutions startup focused on millennials, has raised Rs 75.5 crore (around $10 million) debt capital from existing investors Northern Arc Capital and Vivriti Capital and others.
This is the first debt funding round for the startup in the April to June quarter.
Others in the round include Niyogin Fintech and Credit Saison India.
The fundraising was done by GaragePreneurs Internet Pvt Ltd, which owns and operates digital payment portal Slice.
In the previous financial year of 2020-21, around 18 lenders including Northern Arc Capital and Vivriti Capital had invested Rs 165 crore ($22.6 million) debt in Slice.
Last month, GaragePreneurs raised $20 million (148.5 crore) equity funding from returning investors Gunosy Capital, venture capital firm Blume Ventures and others.
Bengaluru based Slice – earlier known as SlicePay – was set up in 2016 by Rajan Bajaj. It is backed by venture capital firms such as Das Capital, Finup, Simile Venture Partner, EMVC, Tracxn Labs, Better Capital, Sachin Bansal's Navi and angel investors such as Kunal Shah.
In June 2020, Slice raised Rs 46 crore (about $6 million) in its pre-Series B funding round.
The company got $1.4 million in October last year. In September 2020, it raised $2.9 million from a firm jointly owned by Das Capital and Gunosy Capital and, in October 2017, it got $2 million (around Rs 13 crore) in a Series A round.
Slice claims to have more than 3 million registered users and a 30% month-on-month growth.
Recently, Credit Fair, a credit-focused consumer lending fintech startup, raised equity capital of $15 million (Rs 111.7 crore) as part of its seed round led by angel investors Anand Ladsariya and Alok Agarwal.
Last month, teenager focused payment service firm Fampay Solutions Pvt. Ltd raised $38 million (Rs 278.2 crore) as part of its Series A funding round.
In June 2021, credit platform Capital Float raised Rs 50 crore ($6.8 million) in debt from financial inclusion funds managed by Triodos Investment Management.