Digital banking startup Slice has reportedly raised $100 million in fresh funding at an estimated valuation of around $450 million, according to Entrackr. The funding comes as the Bengaluru-based fintech reports profitability after transitioning into a digital bank.
The round was reportedly led by Indian wealth management platform Neo Wealth. Japan-based Kado Global, US-based Moore Strategic Ventures, and Raise Financial, the parent company of Dhan, also participated in the round alongside other investors.
Slice Funding Round Includes Primary and Secondary Transactions
Slice’s board has approved the issuance of 40,347 compulsory convertible debentures (CCDs) worth ₹403.47 crore, or about $42.5 million, according to filings with the Registrar of Companies.
The proposed allotment includes:
- ₹106 crore from Moore Strategic Ventures
- ₹95 crore from Kado Global
- ₹44 crore each from Neo Secondaries Fund and Blume Ventures
Other proposed investors include Raise Financial, DSP Investment and several angel investors. The board has also approved the issuance of partly paid-up shares worth ₹81.5 crore to Neo Wealth.
Sources cited in the report said the overall $100 million Slice funding round includes both primary and secondary transactions.
Slice Valuation Drops From Previous Unicorn Peak
The latest transaction values Slice at approximately $450 million, considerably lower than its previous peak valuation of $1.5 billion.
Slice became a unicorn in November 2021 after raising $200 million in its Series B round. It later secured $50 million in a Series C round led by Tiger Global, with participation from Moore Strategic Ventures and Insight Partners.
The new round signals continued investor interest in the Indian fintech startup, even as its valuation has reset from the highs of the broader startup funding boom.
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Slice Reports Profitability After Digital Banking Transition
The fresh capital arrives after Slice turned profitable following its move towards digital banking. The company reported a net profit of ₹48.4 crore in FY26, compared with a loss of ₹217 crore in FY25.
Slice continued this momentum into the first quarter of FY27, posting a net profit of ₹50.9 crore. Its total income rose 38.6% year-on-year to ₹413.8 crore in Q1 FY27, up from ₹298.6 crore in the corresponding quarter of the previous year.
On a sequential basis, Slice’s income increased 3.5% from ₹399.7 crore in Q4 FY26.
The fintech company also strengthened its board in August by appointing Samir Sawhney as executive director and Ramesh Kumar as independent director. The Reserve Bank of India approved Sawhney’s appointment as executive director.
