The NCLT, Guwahati court, has sanctioned the scheme of arrangement and merger involving Garagepreneurs Internet Private Limited, Quadrillion Finance Private Limited, Intergalactory Foundry Private Limited, RGVN (North East) Microfinance Limited and North East Small Finance Bank Limited, the Tiger Global-backed startup said in a statement on Monday.
While Garagepreneurs is the registered name of Slice, Quadrillion Finance is the in-house non-banking finance company (NBFC) that operates Slice. RGVN (North East) Microfinance Limited is the microfinance company within North East Small Finance Bank.
This approval was the final go-ahead Slice needed to merge the two companies’ operations. Approvals have already come from the Competition Commission of India (CCI) In March this year, the Registry of Companies (RoC) also approved the merger.
Slice said in a statement that it also received a no-objection certificate from the Income Tax Department.
Through the merger, Slice, which runs prepaid payments solutions and Unified Payments Interface-based products, will look to offer technology-backed financial services to North East Small Finance Bank’s last-mile consumers.
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“This merger not only represents a milestone but a testament to our shared dedication to redefining banking experiences and expanding accessibility for all. We are excited to merge with NESFB and together, we will continue to innovate and strengthen financial access, technology-driven banking systems and customer service,” said Rajan Bajaj, founder of Slice. ET had reported on December 25 that Satish Kumar Kalra, former senior executive at Andhra Bank had been appointed as the new CEO of the merged entity.
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