What's up with SLICE ???
Got an offer from them 6 months ago . Didn't join as their business didn't look sound . They said to me that they are building a UPI app I was like phonpe & paytm are already there na ! I expected some layoffs from slice as they were giving pretty high packages and a lot of over hiring. But surprisingly I didn't hear anything like that even though many start-ups which have stronger business models than slice are laying off.
They did had small scale Layoffs back in the February. More of silent Layoffs. It didn't came to anyone notice as well. From the business front. They're already pivoting different model.
FancyChino64
Stealth
a year ago
Even I wonder why there are no layoffs yet as they don't have any business model currently
Lending is something that they can do as they have NBFC. But, I don't see anything of that sort happening.
Ya but there are already many startups doing lending.
I doubt if there is a scope for a new one.
I currently work at slice.
Lending is the revenue generating product. We will be profitable soon only through the lending product. Last time we were profitable was in April/ June 2022. At NBFC level, we are already profitable. If you look at latest filings - it says 237cr loss - out of which close to 200cr was spent for Mumbai Indians sponsorship. 37cr loss is nothing. The year before that the loss was under 10cr. Lending market in India is under penetrated and slice has few advantages - in house credit underwriting, lower NPA.
As far as UPI and ppi goes, it's part of the long term vision of making it a payments app and users consciously choosing slice as their go to app for all things payment in the next 5 years.
Layoffs - silent layoffs were there but not at a scale. Because like I said, there is ample runway.
On the future of the business - apart from lending what all will work out only time will tell. The team is very much into building it and the employees get good hikes as well.
They have a lot in funding and they dont know what yo do with it, so doubt that they'll do any layoff before they find any product market fit. Plus somehow they are performing pretty well their fy22 result was relatively good considering other startups
