Digital lending platform SlicePay raises venture debt
SlicePay, a digital lending platform targeted at young professionals and students, has raised $2.9 million in a debt funding round from Pegasys Wings Group, the investment arm of Das Capital and venture capital firm Gunosy Capital.
The company issued compulsory convertible debentures at a face value of Rs 100, according to regulatory filings.
Japan’s Das Capital is an existing investor in SlicePay, which had raised around $14.9 million in an extended Series A round in 2018. The funding round was led by China’s FinUp Finance Technology Group.
Founded in 2016 by Rajan Bajaj and Deepak Malhotra, the company provides SlicePay card for use across online businesses including BookMyShow, Flipkart, Myntra, Amazon, Paytm and UberEats. The app provides collateral-free credit of up to Rs 60,000 that can be paid back in monthly instalments with varying tenures.
"We are touching 15,000 transactions a day now with a waiting list of more than three lakh customers. To keep up with the pace, fundraising is a constant for us and we keep meeting the best investors in the world," Rajan Bajaj told TechCircle.
The Bengaluru-based company secured a non-banking finance company licence from RBI in January and has a presence across tier-1 cities including Pune, Hyderabad, Bengaluru, Chennai and Mumbai.
Pay-day loans and micro-credit space has seen a number of investments recently with a focus on specific demographics.
Student education financing platform Propelld raised $2.2 million from Stellaris Venture Partners and India Quotient in July.
PayU invested over $7 million in its lending business LazyPay in August.
Earlier this month, OkCredit raised $67 million in a funding round led by Tiger Global and Lightspeed India Partners.