Indian Fintech Unicorn Slice has finalized its first employee stock option plan (ESOP) buyback valued at $8.6M.
In November of last year, Slice achieved Unicorn status (valued at $1 billion or more) after securing $220 million via its Series B that was co-led by Tiger Global and Insight Partners.
The Fintech confirmed on Monday (February 14, 2022) that it had finalized its very first employee stock option plan (ESOP) buyback valued at ₹65 crore or approximately $8.6 million.
About 60 of both former and current workers, holding vested stocks in the Fintech firm had qualified for the buyback, Slice’s management revealed, while noting that the buyback reiterates the company’s gratitude towards its workers who have remained dedicated to its mission.
Rajan Bajaj, Founder and CEO at Slice noted that the firm aims to develop the most innovative financial products and services for the new generation of Indian consumers.
Bajaj added:
“Our team’s relentless passion and hard work has been instrumental in our rapid growth. This buyback plan is our little way of saying thank you to our teams who have not only contributed to Slice but also to the larger financial ecosystem. I cannot help but feel grateful for this opportunity to give back to the people who have shared the same vision and got on the journey from early on.”
In November of last year, Slice had revealed that it is focused on improving the payment experience in the country with its Slice super card.
Having recorded a 40% MoM growth and more than 7 million registered users, the firm intends to introduce its UPI product this year to streamline the payments experience of the Millennials and Gen-Z consumers.
Slice’s management notes:
“Got bills? Time to slice them! slice [aims to be] India’s best credit card challenger to pay bills, manage expenses, and unlock rewards. Our members love us and swear by us. We’re reinventing how traditional credit cards work by offering a simple and transparent app to help our members transact easily. We have about 5 million registered members with an average age of 26, making us a market leader in a niche and growing segment.”
The company also notes that they offer up to 2% cashback on every transaction, and their members have the option to “convert monthly bills payable into 3 installments, with no extra charges.”
The firm is also backed by established PE/VCs such as Gunosy Capital, Das Capital, Finup, Blume Ventures India, Simile Venture Partner, EMVC, Tracxn Labs, Better Capital, Sachin Bansal‘s Navi and angel investors like Kunal Shah.
