Digital Banking Startup Slice Secures $100 Million Funding
Digital banking startup Slice has successfully raised $100 million in a recent funding round, achieving a valuation of approximately $450 million. As reported by Moneycontrol, this funding round was led by the Indian wealth management platform Neo Wealth, with investments from Japan-based Kado Global, US-based Moore Strategic Ventures, and Dhan-parent Raise Financial, alongside other contributors.
Valuation Decline and Background
The most recent funding marks a notable decrease in Slice’s valuation from its peak of $1.5 billion. This earlier valuation followed a $50 million Series C funding round, which was spearheaded by existing supporter Tiger Global, with contributions from Moore Strategic Ventures and Insight Partners. Slice attained unicorn status through a $200 million Series B round in November 2021.
Regulatory Filings and Allocation Details
In accordance with its filing with the Registrar of Companies (RoC), Slice’s board has sanctioned the issuance of 40,347 compulsory convertible debentures (CCDs) valued at Rs 403.47 crore ($42.5 million). The proposed distribution includes Rs 106 crore from Moore Strategic Ventures, Rs 95 crore from Kado Global, and Rs 44 crore each from the Neo Secondaries Fund and Blume Ventures. Other investors being considered include Raise Financial, DSP Investment, and various angel investors.
Additionally, the board has approved the issuance of partly paid-up shares worth Rs 81.5 crore to Neo Wealth. Sources indicate that the $100 million funding comprising both primary and secondary transactions has arrived at a pivotal moment, as Slice has recently turned profitable following its shift into a digital banking model.
Financial Performance Highlights
Slice reported a net profit of Rs 48.4 crore in FY26, a significant improvement compared to a loss of Rs 217 crore in FY25. The company has maintained this positive trend into FY27, posting a net profit of Rs 50.9 crore in the first quarter.
Income Growth and Trends
The total income for Slice has surged by 38.6% year-on-year, reaching Rs 413.8 crore in Q1 FY27, compared to Rs 298.6 crore during the same period the previous year. Sequentially, income has experienced a growth of 3.5% from Rs 399.7 crore in Q4 FY26.
Moreover, in August, Slice enhanced its board by appointing Samir Sawhney as executive director and Ramesh Kumar as an independent director. While these appointments received board approval, the Reserve Bank of India has also ratified Sawhney’s appointment as executive director.