Fintech startup slice has announced the completion of its first ESOP buyback.
Around 60 former and existing employees, holding vested stocks in the company, are eligible for the buyback which is collectively worth Rs 65 crore.
Founded by Rajan Bajaj, Slice provides a physical and a virtual card focused on the young that enables students and salaried professionals to buy collateral-free products and services online on EMI through an app and helps them in building credit scores.
Having registered a 40% month-on-month growth and over 7 million registered users, the Bengaluru-based company aims to launch its UPI product in 2022 to further enhance the payments experience of the millennials and Gen-Z in India.
In November 2021, slice entered India’s prestigious unicorn club after raising $220 million in its Series B fundraise co-led by Tiger Global and Insight Partners.
For the fiscal year ending on March 31, 2021, Slice recorded a slight increase in its revenue from operations to Rs 35.35 crore from Rs 29.88 crore in FY20. The company’s expenses also increased by 34% to Rs 47.87 crore from Rs 35.72 crore in the FY20.
In the ongoing calendar year, half a dozen startups including FarEye, HomeLane, Tell, Ninjacart and Porter have announced their ESOP buyback program. As per our data tracking platform Fintrackr, homegrown startups had bought back ESOP worth more than $440 million in 2021.