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 Fintech unicorn Slice saw its losses surge 59.8 per cent to Rs 405 crore in FY23, compared to Rs 254 crore in FY22, owing to 3 times spike in employee benefits and non-performing assets (NPAs).

Slice’s revenue from operations grew over 4 times to Rs 847 crore in FY23 from FY22, according to its financial statements from the Registrar of Companies (RoC).

Interest income on the portfolio loans was Rs 472 crore which accounted for 56 per cent of total operating revenue, reports Entrackr.

Slice had a 2.9 times increase in its employee benefits to Rs 287 crore in FY23 from Rs 99 crore in FY22 (including Rs 40 crore as ESOP cost).

It also had a non-performing asset (NPA) of Rs 256 crore under the loss on financial assets, loans and advances in FY23.

The company has raised over $340 million to date including a $220 million Series B round led by Tiger Global and Insight partners.

Slice had announced to merge with North East Finance Bank in October last year, which saw the fintech firm becoming a Small Finance Bank (SFB). The bank recently appointed Satish Kumar Kalra, former head of Andhra Bank, as its interim MD and CEO.