Digital banking startup Slice has reportedly raised $100 million in a fresh funding round at a valuation of around $450 million, marking a significant correction from its earlier unicorn valuation of approximately $1.5 billion.
The round was led by Neo Wealth, with participation from Japan-based Kado Global, Moore Strategic Ventures, Raise Financial and other investors. The transaction reportedly includes both primary and secondary components.
Regulatory filings show that Slice’s board approved 40,347 compulsory convertible debentures worth ₹403.47 crore. Proposed investments include ₹106 crore from Moore Strategic Ventures, ₹95 crore from Kado Global, and ₹44 crore each from Neo Secondaries Fund and Blume Ventures. The board also approved partly paid-up shares worth ₹81.5 crore for Neo Wealth.
The funding comes as Slice’s operating performance has strengthened following its transition into a digital bank. The company reported a net profit of ₹48.4 crore in FY26, compared with a loss of ₹217 crore in FY25.
Its momentum continued in Q1 FY27, when Slice posted a net profit of ₹50.9 crore, while total income increased 38.6% year-on-year to ₹413.8 crore.
Slice also strengthened its leadership in August with the appointment of Samir Sawhney as Executive Director and Ramesh Kumar as Independent Director.
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The latest fundraise highlights the changing dynamics of India’s fintech ecosystem, where valuations are increasingly being assessed against profitability, regulatory compliance, sustainable growth and operating performance, rather than the high-growth multiples that characterised the previous funding cycle.
