NEW DELHI - Indian fintech company Slice has reported a substantial increase in its revenue for the fiscal year 2023, reaching Rs 847 crore. Despite this growth, the company has also experienced a rise in net losses which amounted to Rs 406 crore. Operational expenses, including employee costs, contributed to a total of Rs 1,272 crore.
Under the stewardship of Satish Kumar Kalra, who is serving as the interim Managing Director and CEO, Slice is actively pursuing a merger with North East Small Finance Bank (NESFB). This strategic move is part of Slice's broader vision to evolve into a digital-first retail bank with a concentrated focus on credit products.
The merger comes on the heels of a significant financing round that established Slice's valuation at $1.4 billion. The company's growth trajectory, marked by the revenue increase, is aligned with its ambitions to expand its footprint in the digital banking sector. With the integration with NESFB, Slice aims to leverage its technological capabilities to enhance the banking experience for its customers, particularly in the realm of credit offerings.
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