The NCLT, Guwahati bench, has sanctioned the scheme of arrangement and amalgamation 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, said the Tiger Global-backed startup in a statement issued on Monday.
While Garagepreneurs is the registered name for Slice, Quadrillion Finance is the in-house non-banking finance company (NBFC) that Slice ran. RGVN (North East) Microfinance Limited is the microfinance business housed within North East Small Finance Bank.
This approval was the final nod required by Slice to merge the operations of the two businesses. Approvals have already come from the Competition Commission of India (CCI) in March this year. The Registrar of Companies (RoC) has also approved the merger.
Slice said in a statement that it has received a no-objection certificate from the Income Tax department as well.
Through the merger, Slice which runs prepaid payments solutions and the Unified Payments Interface-based products will look to offer technology-backed financial services to the last mile consumers of North East Small Finance Bank.
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“This merger represents not just 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, Slice.ET had reported on December 25 that Satish Kumar Kalra, former senior executive at Andhra Bank had been appointed as the new chief executive officer of the merged entity.