Slice, a Bengaluru-based financial firm, is the latest unicorn to join the club, with a five-fold increase in valuation to $1 billion in just six months.
In a Series B round headed by New York-based investment companies Tiger Global and Insight Partners, the startup, which distributes credit cards targeted towards young professionals, raised $220 million.
The company, which was founded in 2015 by Rajan Bajaj and Siva Kumar Tangudu, has raised $250 million in equity funding to date. According to sources, this included a $20 million fundraising round from Gunosy Capital and Blume Ventures in June, which valued the company at $200 million.