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North East Small Finance Bank Limited (NESFB) is set to undergo a rebranding initiative with a proposed name change to Slice Small Finance Bank Limited (Slice SFB), according to a company extraordinary general meeting (EGM) notice.
The name change has already received a “no objection” letter from the Reserve Bank of India (RBI) on January 16, 2025, and is subject to final approval by the Registrar of Companies.
Entrackr has the copy of the EGM.
Slice had announced the completion of the merger in October last year, following approval from the NCLT. The deal originated in March 2023, when Slice acquired a 5% stake in the Guwahati-headquartered bank for around $3.42 million.
This merger combines the operations, assets, and brands of both companies, forming a unified, tech-driven banking institution. Post-merger, the bank’s net worth has surged to Rs 912.58 crore, while its CRAR has risen to 23.67%, according to the EGM notice. Additionally, the NNPA has improved from 6.69% to 4.62%.
According to an ET report, Slice is also in talks to raise $250-300 million.
Last year, the company raised nearly $8.6 million from its founder and CEO, Rajan Bajaj, via partly paid-up shares and over $36 million in a debt funding round, raised through convertible debentures co-led by Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust.
Entrackr has reached out to Slice for comments.
The Bengaluru-based company has raised nearly $400 million in funding, including a $220 million Series B round led by Tiger Global and Insight Partners. According to TheKredible, Tiger Global is the largest stakeholder, followed closely by Insight Partners.
Slice saw threefold growth in revenue to Rs 847 crore in FY23 from Rs 283 crore in FY22. However, this rapid growth came at a cost, as the company’s losses increased by 59.8% to Rs 406 crore during the period. The firm has yet to file its annual report for FY24.