SlicePay, a Buy Now Pay Later fintech startup which enables college students to buy e-commerce products and services on monthly payment plans has raised $2mn as part of their ongoing Series A round. New investors to have joined this round include Das Capital from Japan and Simile Ventures from Russia.Existing investor Blume Ventures has also participated in the round.
“We have been focused on building a playbook for risk and growth over the last couple of years, and this capital would now allow us to serve students in other parts of India for both their education and consumption related credit needs. We have developed a strong data driven risk model using alternative data points and in the next phase of growth, we will be expanding to other cities and identifying the right set of customers to give access to SlicePay,” said 24 year old Rajan Bajaj who founded SlicePay a year after graduating from IIT Kharagpur in 2014.
“Being the first lender to an educated youngster in India and having robust banking partnerships to cater to their other lending related needs as they grow, gives SlicePay a unique advantage in the highly competitive lending landscape. We are very excited about this unique opportunity,” said Shinji Kimura of Das Capital
The company has disbursed more than INR 45 cr in loans since its inception and currently doing more than 30k orders a month. “Lending is a complex space and hence can be catered by sector specialists. Slicepay has been dealing with the young population that is largely underbanked, and needs assistance and who in turn are going to be the consumption drivers over the next 10-15 years,” said Ashish Fafadia from Blume Ventures.
”In the last 1 year we have scaled our operations across Chennai, Bangalore and Vellore having seen tremendous response from college students and collaboration cooperation from various top tier institutes. For instance, recently we have signed and MoU with IIT Madras to provide credit facilities to students in the form of credit for education and consumer goods & services and we look to extend the same opportunity to other institutes,” said 27 year old Deepak Malhotra, co-founder of SlicePay who graduated from BITS Pilani in 2012.