Fintech unicorn Slice announced operating revenue of Rs 846.7 crore in fiscal 2023, marking a threefold increase from the previous year’s Rs 283 crore. However, its net loss expanded by 60%, reaching Rs 405.7 crore compared to Rs 253.6 crore.
In July 2022, the startup, supported by Tiger Global, faced a significant setback when the Reserve Bank of India terminated credit lines on prepaid cards, which had been its primary focus at that time. Despite this challenge, the company continued to expand its revenue, primarily driven by its personal loan product and partially by its payments offering.
In May 2022, Slice secured a $50 million equity round from Tiger Global, elevating its valuation to $1.4 billion. To date, Slice has amassed $342 million in venture funding.
In FY23, Slice witnessed a substantial increase in employee costs, soaring to Rs 287 crore from Rs 99 crore, reflecting the startup’s significant expansion of its workforce in the last fiscal year. The company’s total expenses surged to Rs 1,272 crore from Rs 542 crore, as reported in its filings with the Registrar of Companies, accessed through the business intelligence platform Tofler.
“The upcoming development represents a significant step in the banking sector and is a testament to the imminent change on the horizon for the industry. While we acknowledge the challenges this journey will present, our focus remains steadfast on long-term goals,” the spokesperson said.
Slice holds a non-banking finance company (NBFC) license via its subsidiary, Quadrillion Finance, currently undergoing a merger with North East Small Finance Bank. Rajan Bajaj, the founder of Slice, already serves as a board member in the bank