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Updated January 10th, 2024 at 14:22 IST

Slice records threefold revenue growth despite challenges; losses up 60%

The fintech company plans to introduce its credit-on-UPI system in the coming months, supported by a strategic surge of $5.25 million in seed funding.

Reported by: Business Desk
Slice Revenue Surge
Slice Revenue Surge | Image:Slice
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Slice revenue surges: Garagepreneurs Internet Private Limited-owned fintech unicorn Slice witnessed a substantial threefold surge in revenues, reaching Rs 846.74 crore in FY23. 

The spike was driven by a boost in service sales, with income from fees and commissions doubling to Rs 374.93 crore and interest income on loans surging over 3.5X to Rs 471.81 crore. However, the growth was accompanied by a 60 per cent rise in expenses, resulting in losses of Rs 405.78 crore.

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Image: Slice

Employee benefit costs tripled, reaching Rs 286.94 crore, and finance costs rose by 159 per cent to Rs 169 crore. Despite the challenges, Slice allocated Rs 262.76 crore to promote its services. The fintech company plans to introduce its credit-on-UPI system in the coming months, supported by a strategic surge of $5.25 million in seed funding.

Slice, founded in 2016, navigated regulatory changes, scrapping its flagship credit line on prepaid cards in FY23. The company reported profits from fees and commissions and interest income on loans. The losses, amounting to Rs 405.78 crore, reflect a 60 per cent increase.
 

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Published January 10th, 2024 at 14:22 IST

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