Several high-profile investors are attempting to invest in Slice, a fintech startup attempting to expand the market for credit cards in India.
Sources familiar with the matter told me that Tiger Global is in advanced stages of talks to lead a $100 million-plus round in the Bangalore-based startup.
Several other firms, including Insight Partners, Ribbit Capital and Greenox, are also joining the startup, sources said, requesting anonymity, saying the matter is private.
Sources said discussions are on and the terms may change.
Piece, which has raised nearly $30 million in its previous equity financing rounds and was valued at less than $200 million in a round earlier this year, declined to comment. Slice counts Bloom Ventures, Gunosy Capital and Better Capital among its investors.
Tiger Global declined to comment.
Even though crores of Indians today have a bank account, only 30 million have a credit card. Most of the people in the South Asian market are not eligible to get a credit card, and many of those who don’t bother to get it because the experience of signing up is very wasteful, time consuming and rewards are not earned. For this.
Slice has made it easy for far more people to get a card — even those without a traditional full-time job — and the signup process is fast. Over the past two years, Slice has emerged as one of the largest card issuing firms in India.
It has also become aggressive to reach potential customers. Last month, the startup launched a card with 2,000 Indian rupees ($27) as the default limit to tap the country’s potentially addressable market of 200 million individuals.
In a separate announcement earlier this week, Slice said it issued 110,000 cards last month. The startup, founded by Flipkart alum Rajan Bajaj, says it has over three million registered members, with an average age of 23.
this also search Applications on top of the blockchain, according to Bajaj’s LinkedIn and startup recruitment posts. Last week, the firm announced it was offering new employees a three-day week with steady pay and benefits to attract talent who wish to work on other opportunities at the same time — or whatever. Also like them – at the same time.
Tiger Global has emerged as the most aggressive growth-stage investor in India in recent quarters. It has supported over two dozen startups in India this year, many of which have been inducted into the prestigious Unicorn Club.
India’s startup ecosystem saw a record 519 deals in the quarter ended September this year, says research firm CB Insights said in a report on Thursday. The report said startups raised $9.9 billion during the same quarter, compared to $10.3 billion raised last year. Sequoia Capital India was the largest investor in the world’s second largest internet market, with 33 deals during the quarter.