Tiger Global in talks to lead over $100M investment in India’s Slice – TechCrunch

Slice is an Indian fintech startup seeking high-profile investors.
Sources close to the matter said that Tiger Global is in advanced stages in talks to lead a round in excess of $100 million for the Bangalore-based startup.

Sources said that a number of other firms including Ribbit Capital, Greenoaks and Insight Partners are also working with the startup. They requested anonymity because it is confidential.

Sources say that discussions are ongoing and terms may change.

Slice has raised $30 million in equity financing rounds in the past and was valued at less than $200 million in a round this year. Slice declined to comment. Slice has as investors Blume Ventures and Gunosy Capital.

Tiger Global declined to comment.

While there are hundreds of millions of Indians with bank accounts, only 30 million have credit cards. The majority of South Asians are not eligible for a credit card. Many of them don't bother because it is cumbersome, time-consuming, and the rewards aren't worth the effort.

Slice makes it easy for anyone, even people who don't have a full-time job, to obtain a card. The signup process is quick and simple. Slice has been India's leading card-issuing company for the past two decades.

It is also aggressive in reaching potential customers. The startup launched last month a card that costs 2,000 Indian rupees ($27), which will allow it to tap into the nation's potential market of 200 million people.

Slice also announced earlier this week that it had issued 110,000 cards in a separate announcement. Rajan Bajaj (Flipkart alum) founded the startup. It claims it has more 3 million members. The average age of its members is 27.

According to Bajajs LinkedIn, and startup recruitment posts, it is also looking into applications on top of blockchain. The firm announced last week that it will offer new hires a three day week with steady pay and benefits in order to attract talent who wants to pursue other opportunities or do anything else.

In recent quarters, Tiger Global has been the most aggressive Indian growth-stage investor. This year, Tiger Global has supported more than two dozen Indian startups. Many of these have gone on to become covet unicorns.

CB Insights, a research firm, reported that India's startup ecosystem saw a record 519 transactions in the September quarter. The report stated that the startups raised $9.9 million in the same quarter, compared with $10.3 billion all year. Sequoia Capital India, the second-largest internet market in the world, was the most active investor during the quarter with 33 deals.