New Delhi: SlicePay, a Bengaluru-based start-up focused on micro lending to students, has secured a licence from the banking regulator to foray into non-banking financial services, co-founder Rajan Bajaj has tweeted.
“@SlicePay received its NBFC licence today. Want to give RBI (Reserve Bank of India) a big shout out for completing the entire process in 2 months. Huge respect,” Bajaj tweeted.
The company works on the premise that students are big consumers of food, clothes, travel and entertainment, but may not always have cash-in-hand to buy something of their choice immediately.
Student microfinancing start-up SlicePay gets RBI licence for NBFC play
SlicePay enables students to buy daily goods and services online from various platforms. Its partners include Flipkart, Amazon, BookMyShow, Myntra, Uber Eats and Paytm.
The credit, which can go up to ₹60,000 and for which the company takes no collateral, can be of various tenures. It doesn’t offer direct cash to students but only helps them buy products and services. The transaction amounts can also be converted into EMIs.
The start-up counts Japan’s Das Capital, Simile Ventures from Russia, Blume Ventures and Tracxn Labs as investors. It was founded by Bajaj and Deepak Malhotra. Bajaj studied at IIT-Kharagpur and the latter at BITS-Pilani. They worked at Flipkart and PayPal, respectively.