Numerous high-profile traders are chasing to put money into Slice, a fintech startup that’s making an attempt to broaden the marketplace for bank cards in India.
Tiger International is in superior phases of talks to steer a spherical of over $100 million within the Bangalore-based startup, sources acquainted with the matter instructed me.
Numerous different companies, together with Perception Companions, Ribbit Capital and Greenoaks, are additionally partaking with the startup, sources stated, requesting anonymity because the matter is personal.
Deliberations are ongoing and the phrases can change, sources added.
Slice, which has raised round $30 million in its earlier fairness financing rounds and was valued at beneath $200 million in a spherical earlier this 12 months, declined to remark. Slice counts Blume Ventures, Gunosy Capital and Higher Capital amongst its traders.
Tiger International declined to remark.
At the same time as tons of of hundreds of thousands of Indians right now have a checking account, solely about 30 million have a bank card. Most individuals within the South Asian market usually are not eligible to get a bank card, and even lots of those that are don’t trouble to get one as a result of the expertise of signing up is simply too clumsy, time consuming and the rewards don’t make up for it.
Slice has made it simpler for a lot extra individuals — even these and not using a conventional full-time job — to get a card, and the signup course of is swift. Prior to now two years, Slice has emerged as one in all India’s largest card-issuing companies.
It has additionally turn out to be aggressive to achieve potential clients. Final month, the startup launched a card with 2,000 Indian rupees ($27) because the default restrict to faucet the nation’s potential addressable market of 200 million people.
In a separate announcement earlier this week, Slice stated it issued 110,000 playing cards final month. The startup, based by Flipkart alum Rajan Bajaj, says it has greater than 3 million registered members, whose common age is 27.
It’s also exploring functions atop of blockchain, in accordance with Bajaj’s LinkedIn and the startup’s recruitment posts. Final week, the agency introduced that it’s providing new hires a three-day week with regular pay and advantages to draw expertise that needs to work on different alternatives — or do no matter else they like — on the identical time.
Tiger International has emerged as probably the most aggressive growth-stage investor in India in current quarters. It has backed over two dozen startups in India this 12 months, propelling lots of them to the covet unicorn membership.
India’s startup ecosystem witnessed a file 519 offers within the quarter that led to September this 12 months, analysis agency CB Insights stated in a report on Thursday. Throughout the identical quarter, the startups raised $9.9 billion, in comparison with $10.3 billion in all of final 12 months, the report stated. Sequoia Capital India was probably the most prolific investor on this planet’s second largest web market throughout the quarter with 33 offers.