Slice eyes $50–100 million funding at lower valuation, sharpens digital bank pitch

Slice Small Finance Bank is in discussions with investors to raise $50–100 million in fresh funding at a lower valuation than its previous round as the company looks to position itself as a digital bank like Brazil’s Nubank, multiple people familiar with the negotiations said.

The round, if completed, is likely to come at a valuation under $1 billion, these people said. Slice’s last known valuation was around $1.3 billion.

“They are in the market to raise, but the valuation will likely take a hit,” a person in the know said. “The company has held talks with venture capital funds but nothing has fructified yet. The West Asia war and the focus on AI has kept some of the big global funds away.”

Last year, Slice had held discussions to raise $250-300 million from a group of financial investors and family offices, as per a board resolution notice, but that process did not materialise.

In October 2024, Slice founder and CEO Rajan Bajaj infused around Rs 71.7 crore ($8.5 million approximately) into the company.