Biography of Rajan Bajaj: Founder and CEO of Slice and Mesh Internet-Entrepreneur
Biography of Rajan Bajaj:
Rajan Bajaj, the Founder and CEO of Slice, always had a big
dream: he wanted to build a company valued at over a billion dollars before he
turned 30. By the time he was just 28, Rajan achieved this dream. He created
Slice, a company that focuses on offering credit specifically designed for GenZ
and millennials. His ambition and hard work led to Slice becoming a unicorn—a
term used for startups valued at $1 billion or more.
Rajan Bajaj: A Visionary in Fintech
Rajan Bajaj, a 24-year-old entrepreneur from IIT Kharagpur,
is making waves in the fintech world with his company, SlicePay. Founded in
2016, SlicePay was created to offer student credit solutions to young people in
India who find it difficult to obtain traditional credit cards. The company
provides payment cards with pre-approved credit lines, catering mainly to
first-time credit users. Today, SlicePay has attracted close to 300,000
customers from 30 cities and processes transactions worth $200 million
annually.
Early Education and Academic Foundations
Rajan Bajaj's educational journey began at CBSE Alwar Public
School, where he completed his Class X in 2008. He then moved on to CBSE-St.
Johns Sr. Sec. School, finishing his Class XII in 2010. Rajan's passion for
learning and ambition led him to the Indian Institute of Technology, Kharagpur,
where he pursued a B.Tech in Civil Engineering from 2010 to 2014. His time at
this prestigious institution laid a strong foundation for his future endeavors.
Biography of Rajan Bajaj: Founder and CEO of Slice and Mesh Internet-Entrepreneur/Net worth/Success story of Rajan Bajaj/Life story of Slice and Mesh
Early Career Beginnings
After graduating, Rajan embarked on his professional
journey. In 2013, he took on the role of a Business Analyst Intern at Walmart
in Gurgaon, India. During his three-month stint, Rajan focused on enhancing
forecasting accuracy by analyzing seasonal consumption patterns. This early
experience honed his analytical skills and provided him with valuable insights
into business operations.
Exploring the Startup World
Rajan's entrepreneurial spirit became evident when he
founded Mesh Internet in April 2015. This innovative startup offered a unique
shopping app that allowed customers to rent products through small monthly
payments with the option to purchase them later. His venture into the startup
world lasted until December 2015, marking a nine-month period filled with
learning and growth.
The Genesis of SlicePay
Before launching SlicePay, Rajan Bajaj worked as part of the
product team at Flipkart, where he helped build the company's marketplace.
However, his entrepreneurial spirit led him to leave Flipkart and start his own
venture, Mesh. Mesh was designed to facilitate the sharing of various goods,
but the project faced challenges and eventually pivoted. This experience made
Bajaj realize that young, tech-savvy individuals had significant unmet financial
needs, inspiring him to found SlicePay in 2015.
At Flipkart, Rajan
contributed to two critical areas: the Flipkart marketplace, focusing on seller
payments, and the customer experience team, which aimed to understand and
improve the voice of the customer. His work helped streamline operations and
enhance the overall shopping experience for users.
The Turning Point
Rajan's passion for startups ignited during his time at IIT
Kharagpur. He admired Airbnb so much that he even considered dropping out of
engineering in his second year to launch a shared economy venture in India. Despite
this strong urge, Rajan completed his graduation and joined Flipkart, where he
worked on payments within the product team. However, the drive to pursue his
startup idea persisted. After roughly ten months at Flipkart, Rajan decided to
leave and dive into his first entrepreneurial project, Mesh Internet, in 2015.
Leading Slice Education
Rajan's most notable achievement came in January 2016 when
he founded Slice Education. As the Founder and CEO, he has been leading this
venture for over eight years. Slice Education, based in Bengaluru, has made
significant strides in the education sector, reflecting Rajan's commitment to
leveraging technology to improve learning experiences. His leadership and
vision continue to drive the company forward.
Revolutionizing Credit for the Young
SlicePay stands out by offering a new approach to credit
cards, breaking away from the traditional banking model. Unlike conventional
credit cards that require extensive paperwork such as pay stubs and bank
statements, SlicePay simplifies the process. This approach aligns perfectly
with the preferences of its target audience, Gen Z and millennials, who often
struggle with limited credit histories.
The Competitive Landscape
SlicePay operates in a competitive space, facing challenges
from established banks like HDFC, ICICI, and Citibank, as well as fintech
companies like Cred, OneCard, SaveIn, Uni, Paytm, and CreditBee. These players
are all vying for a share of the growing credit card market, particularly
targeting similar demographics of young, tech-savvy users.
The Birth of a New Model
Following the closure of Mesh Internet, Rajan launched
Slicepay, which later evolved into Slice, focusing on a "buy now, pay
later" (BNPL) platform. The initial years were challenging, particularly
in gaining trust from banks and creditors and navigating regulatory hurdles.
Rajan, with his background in payments from Flipkart, found this space
fascinating and saw a global shift towards BNPL.
Breakthrough and Growth
The major turning point for Rajan and Slice came in May 2019
when they launched a physical card, a significant shift from their original
BNPL model. This pivot marked a new beginning for the company. Since then,
Slice has experienced remarkable growth, expanding to a team of 600 and
receiving backing from prominent venture capitalists like Gunosy Capital and
angel investors such as Kunal Shah. The company's success is evident, with
about 75-80% of new customers arriving through word of mouth, reflecting the
strong product-market fit.
Simplifying Financial Solutions
Today, Slice boasts over four million registered users,
predominantly aged 31. Rajan’s focus remains on simplifying financial solutions
for customers. He emphasizes removing complexity to make life easier and better
for users, aligning with his mission to provide straightforward, efficient
financial tools. This customer-centric approach continues to drive Slice’s
growth and success.
A Major Milestone: Growth and Revenue
SlicePay has achieved remarkable success, with more than 12
million registered users. For the fiscal year 2022–2023, the company reported
impressive revenue of Rs 847 crore. Despite this success, Rajan Bajaj chose to
take a modest annual salary of Rs 12. SlicePay’s valuation has soared to over
$1 billion, reflecting the company's commitment to innovation and technological
advancement.
The Journey from Mesh to SlicePay
Rajan Bajaj’s journey began with Mesh, which initially
offered a platform for renting gadgets. Despite the challenges and slow market
adoption, Bajaj’s vision evolved. Mesh transitioned into Buddy, and later
became SlicePay, a buy-now-pay-later (BNPL) product aimed at helping students
make purchases. This shift addressed the financial needs of young consumers and
paved the way for SlicePay's success.
Overcoming Challenges and Building Success
In 2020, Bajaj identified issues with the customer
onboarding process for SlicePay. By refining the product and improving the user
journey, he was able to significantly increase the number of new card
issuances. From processing 7,000 cards a month in late 2020, SlicePay now
issues over 200,000 cards monthly, showing a growth rate of 15-20% per month.
SlicePay's Mainstream Appeal
SlicePay’s user-friendly approach has made it popular not
only among new credit card users but also among existing credit cardholders who
use it as a secondary card. During lockdowns, its ease of onboarding made it a
preferred choice for many. This trend underscores SlicePay’s growing presence
in the mainstream credit card market.
The Untapped Potential in Credit
The credit card industry in India is vast, but many
traditional players have overlooked the needs of new banking customers.
SlicePay is capitalizing on this gap, focusing on people who are new to credit
and banking. This strategic focus positions SlicePay to become a significant
player in the financial services sector.
Slice Joins the Unicorn Club
In 2021, Slice reached a significant milestone by becoming
the 40th unicorn of the year. This was made possible through a successful
fundraising effort, where the company secured $220 million from prominent
investors like Tiger Global and Insight Partners. They also received backing
from notable angel investors, including Binny Bansal. Slice’s core business is
centered around providing credit solutions tailored to the needs of younger
generations, particularly GenZ and millennials.
Investor Confidence and Strategic Support
Despite the challenges, SlicePay’s frugal approach to
funding has been a strength. The company received initial support from Blume
Ventures and other investors like Finup from China, Das Capital from Japan, and
Simile from Russia. This strategic backing has enabled SlicePay to grow rapidly
while maintaining a focus on financial sustainability.
Navigating Growth and Investment
As SlicePay grew, it went through multiple rounds of
funding, with crucial support from Japanese shareholders like Gunosy and
continued backing from Blume Ventures. This support has been instrumental in
helping SlicePay reach its unicorn status. Blume Ventures remains a significant
investor, reflecting its confidence in SlicePay's potential.
Looking Ahead
With its innovative approach and strategic focus, SlicePay
is well-positioned to continue its growth trajectory. Rajan Bajaj’s journey
from a product team member at Flipkart to the founder of a successful fintech
company highlights his vision and resilience. SlicePay's success story serves
as an inspiring example of how addressing unmet needs with creative solutions
can lead to remarkable achievements in the financial industry.
Timeline of Rajan Bajaj’s Journey:
2008: CBSE Alwar Public School
Completes Class X at CBSE Alwar Public School.
2010: CBSE-St. Johns Sr. Sec. School
Finishes Class XII at CBSE-St. Johns Sr. Sec. School.
2010-2014: IIT Kharagpur
Pursues B.Tech in Civil Engineering, laying the groundwork for
his entrepreneurial career.
2013: Walmart Internship
Works as a Business Analyst Intern, enhancing his analytical
skills.
April 2015: Mesh Internet Founded
Launches Mesh Internet, a product rental app, marking his
first entrepreneurial venture.
December 2015: Mesh Internet Ends
Concludes Mesh Internet after facing challenges, shifting
focus to new ideas.
January 2016: SlicePay Founded
Establishes SlicePay to offer student credit solutions in
India, targeting young credit users.
May 2019: Physical Card Launch
SlicePay introduces a physical card, marking a significant
pivot from the original BNPL model.
2020: Onboarding Improvements
Refines customer onboarding, increasing card issuances from
7,000 to over 200,000 monthly.
2021: Becomes a Unicorn
SlicePay achieves unicorn status with a valuation over $1
billion, securing $220 million in funding.
2022-2023: Revenue Achievement
Reports revenue of Rs 847 crore for the fiscal year
2022–2023, highlighting significant growth.
2024: Over 12 Million Users
SlicePay reaches over 12 million registered users,
continuing to simplify financial solutions for young customers.
