Slice (previously SlicePay), a Bengaluru-based payments and credit startup announced on Wednesday that it has raised INR 39 crore in a debt financing round.

The round saw investment coming from various financial institutions such as Vivriti Capital Private Limited, Northern Arc Capital Limited, InCred Financial Services Limited, Growth Source Financial Technologies Pvt Ltd, and Ashv Finance Limited.

The fund was raised by Quadrillion, a non-banking financial company (NBFC) and a wholly owned subsidiary of Slice. The investment comes at the heels of the company having raised $6 million in pre-series B financing in June 2020 from Japanese firm Gunosy.

Founded in 2016, Slice presents a new age card for the young population of India. The Slice Card, as its called allows physical as well as digital transactions for young customers in India that includes freelancers, college students, and salaried professionals. “We want to be the first card for millions of millennials and Gen Z in India and deliver a truly VIP customer experience to them,” said Rajan Bajaj, Founder & CEO, Slice.

The young firm claims to have processed a transaction volume of 1,100 crore to more than 260,000 youngsters since inception. The company intends to utilize the fresh infusion of funds to refuel company books and support the unmet financial needs of young Indians who form the social and economic fabric of India.