Bengaluru-based fintech startup SlicePay, which enables college students to buy e-commerce products and services on monthly payment plans, has raised $2 million as part of its ongoing series-A round from new investors including Japan’s Das Capital and Simile Ventures from Russia.
Existing investor Blume Ventures also participated in the round, who along with Tracxn Lab invested $500,000 as a seed funding in 2015.
“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 Rajan Bajaj, Founder of SlicePay.
Also Read: Yes Bank partners with Fintech startups to offer loans to students
Founded in November 2015 by Rajan Bajaj and Deepak Malhotra, a micro-lending platform SlicePay enables college students to buy products and services online on monthly payment plans, without any collateral. For this, the company has partnered major e-commerce platforms such as Amazon, Flipkart, Myntra, Snapdeal and Paytm.
SlicePay works on a data-driven risk model that uses non-traditional data points, including students’ marks cards and social media profiles.
The company has disbursed more than Rs 45 crore in loans since its inception and currently doing more than 30k orders a month. It provides a credit line of up to Rs 60,000 to students from over 500 colleges through its proprietary risk mechanism. The final loan disbursal is done by the partner non-banking financial company.
According to a joint report by ‘NASSCOM 10000 Startups’ and KPMG, the Indian fintech market is expected to double from $1.2 billion now to $2.4 billion in the next 4 years, thus creating a potential of turning into billion-dollar unicorns.
SlicePay: Website
