Rajan Bajaj: Dribbling Through Challenges to Fintech Success

In 2015, Rajan Bajaj, a young and promising IIT-Kharagpur graduate, was at a crossroads in his career. He had excelled both academically and in sports, representing his home state of Rajasthan in basketball nationals during his school days. However, something was amiss as he embarked on his professional journey. Just ten months into his job at Flipkart, Bajaj decided to quit and set his sights on the world of entrepreneurship.

Hailing from a middle-class family in Alwar, with his father an engineer and his mother a teacher, Bajaj was not born into a family of entrepreneurs. Yet, the entrepreneurial spirit had taken root within him during his college years. For four long years, he contemplated this move, and in 2015, he decided to take the plunge. “If I didn’t leave and start then, probably, I would have never done it,” he reflects, explaining why he cut short his stint with Flipkart. It was time to take a shot rather than endlessly aim, and he believed he had what it took.

In April 2015, just a month after leaving Flipkart, Bajaj initiated his entrepreneurial journey with a rental startup called Mesh. The idea was inspired by the sharing economy concept made famous by Airbnb. Much like Airbnb had utilized unused houses, Mesh aimed to unlock the potential of renting various items. Bajaj started with gaming consoles, cameras, bicycles, and DVD rentals in Bengaluru. He built a website, promoted the service on platforms like OLX, and personally delivered orders on his bike.

While Mesh showed early promise, it also brought its share of complications. The market for rentals was limited, logistics, insurance, and damage control were challenging to manage, and it became apparent that the timing might have been too early for this business model. Bajaj quickly pivoted to car and bike rentals, seeking new avenues. But the challenges persisted. Managing a fleet of vehicles, along with accidents and maintenance, posed significant hurdles. Bajaj transitioned to a marketplace model, but this, too, failed to reach scale. His previous ventures had not yielded the desired results.

Bajaj then explored furniture rental but faced yet another setback. However, in December 2015, after a series of pivots, Bajaj finally seemed to have found his niche. Mesh transformed into Buddy, a buy-now-pay-later (BNPL) venture. The BNPL model was gaining popularity globally, and Bajaj saw an opportunity to make it work in India. It was also a means for him to fulfill his finance aspirations. However, due to naming conflicts, Buddy was eventually rebranded as Slice Pay. While Slice Pay thrived for three years, by 2019, Bajaj realized that BNPL might not scale effectively in India due to merchant reluctance to pay higher commissions. A pivotal shift to credit cards proved to be the turning point. Slice started issuing credit and payment cards, specifically targeting millennials and Gen Z consumers. These cards allowed users to pay bills, manage expenses, and unlock rewards.

This pivot to credit cards paid off for Bajaj. In June 2021, he raised $6.07 million in a pre-Series B funding round. Just a year later, another $20 million in funding followed. In November 2021, Slice reached unicorn status, securing a whopping $220 million in a Series B funding round, valuing the company at over $1 billion. Today, Slice boasts a roster of marquee backers, including Tiger Global, Insight Partners, Gunosy, Das Capital, Finup, Blume Ventures India, and Simile Venture Partner. The fintech startup claims to have 4 million registered users on its app and an annual revenue run rate of $60 million. Slice is now gearing up to enter the payments sector, aiming to capture a significant share of India’s consumer businesses, including cards, payments, UPI, investments, and e-commerce.

Slice’s rapid growth and transformation of the credit card market have drawn the attention of investors. India’s credit card market remains largely underpenetrated, and the potential for growth is substantial. Slice’s ability to bridge the credit gap for Gen Z and millennials by offering innovative credit card solutions aligns well with market demand. As Slice continues to evolve and expand, Rajan Bajaj’s challenge now is to remain focused on customer retention and cross-selling while sustaining the company’s impressive growth. Slice’s ability to keep users engaged, offer an array of financial services and products, and remain a fixture in the lives of young consumers will determine its success.

In conclusion, Rajan Bajaj’s journey from a basketball enthusiast to a successful fintech entrepreneur showcases the importance of resilience, adaptability, and the willingness to pivot when necessary. As he dribbled through various business ideas and challenges, he ultimately found his “sweet spot” with Slice, a company that has not only achieved remarkable growth but is also poised to shape the future of fintech in India.