Slice posts first net profit, appoints founder Rajan Bajaj CEO after RBI approval

MUMBAI: Tiger Global-backed fintech Slice has appointed its founder Rajan Bajaj as managing director and chief executive officer, effective 17 February, following approval from the Reserve Bank of India.

In 2023, former Andhra Bank executive Satish Kumar Kalra was appointed chief executive. A person with direct knowledge of the matter said Kalra will continue with the firm in a senior advisory role following Bajaj’s appointment.

The company also reported a net profit of ₹27.97 crore for the first three quarters of FY26 (April-December), it said in a statement, though it did not disclose revenue for the period.

The profit marks a reversal from FY25, when the company reported a loss of ₹217 crore, largely due to one-time provisions and higher operating expenses. Slice reported total income of ₹632 crore in the first half of FY26, compared with ₹604 crore in the full year FY25.

In the statement issued Monday, Slice said Bajaj previously served as executive director of the company.

"India is a market privileged to have some of the world's best-run financial institutions. Slice is a young bank building to earn its place among them, and that means delighting every customer we serve by doing right by them in ways they can feel, from repo rate on savings accounts and interest paid every single day to products that always put the customer first,” said Bajaj. “AI is now reaching the point where it can make banking genuinely personal at scale, understanding what each customer needs and making complex financial decisions simple. We are building with that future in mind, and we think we are still very early in what is possible.”

Founded in 2016 by Bajaj, the consumer fintech startup became a regulated bank after merging with North East Small Finance Bank in 2024. Slice serves more than 20 million registered users, employs over 3,000 people, and has raised more than $250 million from investors including Tiger Global, Insight Partners and Advent International.

Slice was among several fintechs forced to stop offering credit lines via prepaid payment instruments (PPI) wallets after the Reserve Bank of India’s 2022 circular. This move effectively shut down Slice's popular card offering, which had gained traction among younger Indian users.

Bajaj earlier built Slice’s lending distribution and payments businesses under group entity GIPL. In 2019, he also established Quadrillion Finance Private Ltd (QFPL), a wholly owned NBFC of GIPL, which extended credit to retail customers and small businesses using technology-led underwriting and risk processes.

Within a year of commencing full banking operations, more than 4 million savings accounts were opened with Slice, making it one of the fastest-growing savings products in the country, the company said.

“Rajan (Bajaj) brings first-hand experience in building for the digital customer and understands how technology is reshaping the way people access financial services. He has also been clear in his ambition to expand formal credit and banking access to those who remain underserved,” said Eugene Emmanuel Karthak, part-time chairman and independent director at Slice.