Story of a serial entrepreneur who founded Slicepay

 Story of a serial entrepreneur who founded Slicepay

Last week a Bengaluru-based credit startup Slice (also known as Slice pay) raised Rs 39 core.

Slice offers credit lines through the card for customers between 18 and 30 years old and thinks it’s the right strategy to provide them with a card that comes with a credit line supporting their needs and as the customer life cycle grows they can add more products in the future.

In order to do something for youngsters, Founder Rajan Bajaj came with the idea of Slice pay as no bank give credit to young people usually in the age bracket of (18-25). So decided to build a one-of-a-kind data-driven financial product – the Slice Card, which is a physical and virtual card, designed exclusively for young customers in India that includes freelancers, college students, and salaried professionals.

In this story, we focus more on the journey of its co-founder rather than the startup itself.

Rajan Bajaj did his Btech from Indian Institute of Technology, Kharagpur in 2014 and joined Flipkart.  After working for a year in Flipkart he founded Mesh Internet an online Shopping app that lets customers rent products by making small monthly payments, and an option to purchase anytime they wanted. After a year seeing the problem youngster’s face in getting the credit he founded Slice Pay, a pay later app that comes with free Visa card and offers payment cards to the needs of students and young professional in which most of them are students, startup employees, gig workers, freelancers, or small business owners, are usually first-time credit users and looking for a convenient financial experience.

Rajan connected Slice with many Non-banking Financial Institutions (NBFC) to provide credit to its customer built on its own risk parameter. He has also partnered with consumer internet firms like Zomato, Swiggy, BookMyShow, Amazon, Myntra, and Flipkart for online purchases. The primary business model includes subvention income from merchants like Amazon and Flipkart for no-cost EMIs, interchange income from cards, and interest income from EMIs.


It claims to have processed a transaction volume of Rs 1,100 crore to more than 260,000 youngsters since inception. As of March 2020, Slice has been issuing Slice Cards at an annual run-rate of over four lakh new users and has an NPS of over 70. Currently, it has its reach in more than 20 cities in India.

With a belief of making things easier for the young generation, Rajan took a very big initiative, as a credit card is a good thing but getting that is very difficult and with no bank providing credit to those who are students or trying to their own startup this credit system by slice makes life a less difficult for them. 

 

thevcstories

https://thevcstories.com

We manifest the entrepreneurial and startup ecosystem for enthusiastic entrepreneurs by helping them build their entrepreneurial skills and encouraging them in job creation rather than finding ones. These episodes aim to provide much-needed guidance & motivation among the youth and bridge the knowledge gap.

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