Quite a lot of high-profile buyers are chasing to put money into Slice, a fintech startup that’s trying to broaden the marketplace for bank cards in India.
Tiger World is in superior phases of talks to steer a spherical of over $100 million within the Bangalore-based startup, sources accustomed to the matter instructed me.
Quite a lot of different companies, together with Perception Companions, Ribbit Capital and Greenoaks, are additionally partaking with the startup, sources stated, requesting anonymity because the matter is non-public.
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 below $200 million in a spherical earlier this yr, declined to remark. Slice counts Blume Ventures, Gunosy Capital and Higher Capital amongst its buyers.
Tiger World declined to remark.
At the same time as lots of of tens of millions of Indians at present have a checking account, solely about 30 million have a bank card. Most individuals within the South Asian market will not be eligible to get a bank card, and even a lot of those that are don’t hassle to get one as a result of the expertise of signing up is just too clumsy, time consuming and the rewards don’t make up for it.
Slice has made it simpler for much extra folks — even these with out a conventional full-time job — to get a card, and the signup course of is swift. Up to now two years, Slice has emerged as one in all India’s largest card-issuing companies.
It has additionally turn into aggressive to succeed in potential prospects. 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 23.
It’s also exploring functions atop of blockchain, in keeping 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 World has emerged as essentially the most aggressive growth-stage investor in India in latest quarters. It has backed over two dozen startups in India this yr, propelling a lot of them to the covet unicorn membership.
Picture Credit: CB Insights
India’s startup ecosystem witnessed a report 519 offers within the quarter that led to September this yr, 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 yr, the report stated. Sequoia Capital India was essentially the most prolific investor on this planet’s second largest web market through the quarter with 33 offers.