Fintech unicorn Slice has raised $50 million (about Rs 387 crore) as part of its series C round funding led by Tiger Global, the company said on Wednesday.
Existing investors Moore Strategic Ventures and Insight Partners, and a new investor GMO VenturePartners also participated in the round, which enhanced the firm's valuation to over $1.5 billion.
"With its core credit product set to achieve profitability in the coming months, slice will be utilising this new capital for shoring up the balance sheet to support the expansion of its new UPI product," the company said in a statement.
In November 2021, Slice entered the unicorn club after raising $220 million in its Series-B fundraise co-led by Tiger Global and Insight Partners.
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"With the significant growth in wallet share of Slice card, it became increasingly clear that our customers would love to use Slice for all their payment needs. Driving on that, we made our next important product launch with UPI, which has been gaining strong early traction. We are excited about the long journey that lies ahead of us," Slice founder and CEO Rajan Bajaj said in the statement.
The company claims to have over 12 million registered users currently.
"Slice is leading the way for innovation, customer experience, and growth in India’s rapidly developing payments market. We are delighted to continue our partnership with Rajan and his team as they improve and expand payment products with the goal of making money more relatable for the consumer," Tiger Global partner Alex Cook said.
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