Slice posts first net profit, appoints founder Rajan Bajaj CEO after RBI approval
MUMBAI: Tiger Global-backed fintech Slice has appointed founder Rajan Bajaj as managing director and chief executive officer with effect from February 17, following the approval of the Reserve Bank of India.
In 2023, former Andhra Bank executive Satish Kumar Kalra was appointed as managing director. Kalra will continue in a senior advisory role at the firm following Bajaj’s appointment, a person with direct knowledge of the matter said.
The company also announced net profit ₹27.97 crore for the first three quarters of FY26 (April-December), but the revenue for the period was not disclosed.
Profit marks a turnaround from 25 years in which the company reported a loss ₹217 crore, largely due to one-time provisions and high operating expenses. Slice reported its total revenue ₹632 crore in the first half of FY26, as compared to ₹604 crore in the entire FY25.
In a statement released Monday, Slice said Bajaj previously served as the company’s chief executive.
“India is a market privileged to have some of the best-run financial institutions in the world. Slice is a young bank house that deserves its place among them, and that means delighting every customer we serve by doing right by them, in ways they can feel, from repo interest on savings accounts and interest paid every day, to products that always put the customer first,” Bajaj said. “Artificial intelligence is now reaching the point where it can truly personalize banking, understand what each customer needs, and simplify complex financial decisions. We’re building this future with this in mind, and we think we’re just at the very beginning of what’s possible.”
The consumer fintech startup, founded by Bajaj in 2016, became a regulated bank after merging with North East Small Finance Bank in 2024. Slice serves more than 20 million registered users, employs more than 3,000 people, and has raised more than $250 million from investors such as Tiger Global, Insight Partners, and Advent International.
Slice was among several fintechs that had to stop offering credit lines through prepaid payment instruments (PPI) wallets following the Reserve Bank of India’s 2022 circular. The move effectively halted Slice’s popular card offering, which was gaining traction among young Indian users.
Bajaj had earlier set up Slice’s credit distribution and payment businesses under group entity GIPL. In 2019, it also established Quadrillion Finance Private Ltd (QFPL), which is wholly owned by GIPL and provides loans to retail customers and small businesses using technology-driven underwriting and risk processes.
The company said more than 4 million savings accounts were opened with Slice within a year of launching full banking operations, making Slice one of the fastest-growing savings products in the country.
“Rajan (Bajaj) brings first-hand experience building for the digital customer and understands how technology is reshaping the way people access financial services. He has also been open in his passion for expanding formal credit and banking access to the underserved,” said Eugene Emmanuel Karthak, Slice’s part-time president and independent director.
