Northern Arc Capital and Vivriti Capital are among 18 lenders that invested Rs 165 crore ($22.6 million) debt funding in credit and payment startup Slice during financial year 2020-21.
Of the total, Slice raised Rs 126 crore in the last five months of 2020-21, it said in a statement.
Other financial institutions that invested include AU Small Finance Bank, InCred Financial Services, Pace Fincap, Western Capital Advisors, and InnoVen Capital India, the fintech startup added in the statement.
Slice – initially known as SlicePay – was set up in 2016 by Rajan Bajaj. Operated by GaragePreneurs Internet Pvt Ltd, it is backed by venture capital firms such as Gunosy Capital, Das Capital, Finup, Blume Ventures India, Simile Venture Partner, EMVC, Tracxn Labs, Better Capital, Sachin Bansal's Navi and angel investors such as Kunal Shah.
In June 2020, Slice raised Rs 46 crore (about $6 million) in its pre-Series B funding round.
It raised $1.4 million in October last year. In September, it raised $2.9 million from a firm jointly owned by Das Capital and Gunosy Capital.
In October 2017, the company raised $2 million (around Rs 13 crore) in a Series A round.
Slice plans to grow its member base by more than 3x to one million in the next 12 months, the statement said.
The company also plans to double its employee strength in 2021 with a focus on tech, product and design.