GaragePreneurs Web Pvt. Ltd, which operates fintech agency Slice, is ready to lift debt funding from the funding and consulting arm of Gunosy Inc., a Japan-based information and expertise providers firm.
Based on regulatory filings by Bengaluru-based Slice, it is going to elevate Rs 22.5 crore ($Three million at present exchange fee) from Gunosy Capital Pte. Ltd.
For this, the corporate will situation one fairness share with a face value of Re 1 and a premium of Rs 5,388 to the funding agency. It’s going to additionally situation 22.49 lakh Collection A5 CC debentures at a face value of Rs 100 to Gunosy.
Following the difficulty, Gunosy shall maintain a 8.12% stake in Slice on a totally diluted foundation, Slice mentioned in its submitting. The event was first reported by Inc42.
Slice – initially generally known as Slicepay – was arrange in 2016 by Rajan Bajaj. The corporate says it goals to construct a “smart, simple and transparent financial platform” aimed on the youth.
It presently gives a digital credit score resolution that’s focused at younger shoppers. Going by its web site, the “Slice card” is a zero-fee resolution that provides instantaneous verification and activation. It additionally permits for longer compensation durations than bank cards.
Based on VCCEdge, the info analysis arm of Mosaic Digital, GaragePreneurs reported internet gross sales of Rs 8.38 crore and Rs 3.28 crore for the 2019 and 2018 monetary years, respectively.
It additionally reported Ebitda (earnings earlier than curiosity, taxes, depreciation and amortisation) losses of Rs 8.75 crore and Rs 7.09 crore for the respective durations.
Going by VCCEdge knowledge, Slice raised $1.four million in October final yr by way of 4 debt points. Previous to that, in September, it had raised $2.9 million from a agency collectively owned by Das Capital and Gunosy Capital.
In October 2017, the corporate raised $2 million (round Rs 13 crore) in a Collection A spherical from Japan-based Das Capital and Smile Enterprise Companions, the Russian early-stage investor. Blume Ventures, an current investor within the agency, additionally participated in that spherical.