Slice Secures $9 Million from Stride Ventures

The fintech startup slice has secured INR 75 Cr (approximately $9 million) from Stride Ventures. This development follows a recent merger announcement with North East Small Finance Bank (NESFB) and a successful Series C funding round.

The Debt Funding Round

The funding was secured through a debt funding round, where slice issued 7,500 non-convertible debentures (NCDs) to Stride Ventures. Each NCD was issued at a price of INR 1 Lakh. These debentures are non-convertible and offer an interest rate of 14.25% per annum, as per slice’s regulatory filing with the Registrar of Companies (RoC).

A Potential Total of $35 Million

According to a separate filing, the startup’s debt funding round could potentially reach up to INR 300 Cr, which is roughly equivalent to $35 million.

Following a Successful Series C Round

This funding round comes after the lending tech unicorn raised $50 million in its Series C funding round. This round, which occurred in June 2022, was led by Tiger Global. The funds from this round, coupled with the new funding from Stride Ventures, place slice in a strong financial position for its future endeavours.

A Recent Merger

Just a month prior to this funding round, slice announced a merger with NESFB. This strategic move is likely to have a significant impact on the startup’s operations and future growth.