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Digital banking startup Slice has reportedly raised $100 million in a fresh funding round at a valuation of around $450 million. According to a Moneycontrol report, the round was led by Indian wealth management platform Neo Wealth, with participation from Japan-based Kado Global, US-based Moore Strategic Ventures, and Dhan-parent Raise Financial, among other investors. The latest round represents a sharp decline in Slice’s valuation from its peak of $1.5 billion, when the Bengaluru-based fintech secured $50 million in a Series C round led by existing backer Tiger Global, with participation from Moore Strategic Ventures and Insight Partners. The firm attained unicorn status with a $200 million Series B round in November 2021. According to its filing with the Registrar of Companies (RoC), Slice’s board has approved the issuance of 40,347 compulsory convertible debentures (CCDs) worth Rs 403.47 crore ($42.5 million). The proposed allotment includes Rs 106 crore from Moore Strategic Ventures, Rs 95 crore from Kado Global, and Rs 44 crore each from Neo Secondaries Fund and Blume Ventures. Other proposed allottees include Raise Financial, the parent company of Dhan, DSP Investment, and several angel investors. In addition, the board approved the issuance of partly paid-up shares worth Rs 81.5 crore to Neo Wealth. According to sources, the $100 million funding included both primary and secondary transactions. The fresh capital comes at a time when Slice has turned profitable following its transition into a digital bank. The company reported a net profit of Rs 48.4 crore in FY26, compared with a loss of Rs 217 crore in FY25. It has carried the momentum into FY27, with a net profit of Rs 50.9 crore in the first quarter. Slice’s total income rose 38.6% year-on-year to Rs 413.8 crore in Q1 FY27 from Rs 298.6 crore in the year-ago period. On a sequential basis, income grew 3.5% from Rs 399.7 crore in Q4 FY26. In August, Slice also strengthened its board by appointing Samir Sawhney as executive director and Ramesh Kumar as independent director. While both appointments were approved by the company’s board, the Reserve Bank of India approved Sawhney’s appointment as executive director.
document fetched 2026-09-04 02:54