Payment and lending startup for consumer , Slice has raised Rs 65 crore (nearly $8 million) in debt from Neo Markets. This is the second debt investment for the Bengaluru-based company this year.

The board at Slice has passed a special resolution to issue 650 non-convertible debentures (NCDs) at an issue price of Rs 10,00,000 each to raise Rs 65 crore, its regulatory filing accessed from the Registrar of companies (ROC) shows.

The debt tenure is of 21 months with 15 % interest rate. This is the second tranche of its $30 million debt round. The company had raised Rs 170 crore or $20.5 million in debt from the same investors in June this year.

The company was founded by Rajan Bajaj , It provides a physical and virtual card focused on millennials. It enables students and salaried professionals to buy collateral-free products and services online on estimated monthly installments (EMIs) through an app and helps them build credit scores.

Slice has raised $340 million to date and was valued at over $1.5 billion during the Series C round in November 2021. As per data intelligence platform TheKredible, Gunosy Capital is the largest stakeholder in the company with a 14.84% stake. The company’s co-founder Rajan Bajaj holds 8.21% stake.

In October 2023, Slice and North East Small Finance Bank (NESFB) announced their merger in a move to expand their financial accessibility. Initially, Slice acquired a 5% stake in the Guwahati-headquartered bank for about $3.42 million in March 2022.

The Blume Ventures-backed company has demonstrated 3X growth, reaching a scale of Rs 843 crore during the fiscal year ending March 2023 with loss growing 59.8% to Rs 406 crore. The company is yet to file its annual results for FY24.

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