More Chinese investors cash out; Mamaearth’s brand new purchase

Madhav Chanchani

105 reads

Pratik Bhakta

122 reads

Aditi Shrivastava

22 reads

Madhav Chanchani

105 reads

Pratik Bhakta

122 reads

Aditi Shrivastava

22 reads

The Crux newsletter this week. A Chinese fintech has sold most of its stake in new-age card unicorn Slice. This comes as India bans 54 more apps over Beijing links. Mamaearth’s latest acquisition, BBlunt, is another step towards becoming the ‘HUL of the direct-to-consumer space’.

February 18, 2022

6 Min Read

Investors from China continue to exit their holdings in India as the frosty bilateral relations weigh on their minds. The funding boom of 2021, however, has eased their pain of early departure by giving them huge returns on the bets.

Driving the news: FinUp, a little-known Chinese fintech based out of Beijing, is selling most of its 15% stake in new-age card unicorn Slice, according to two people briefed on the matter.

In 2018, FinUp had injected Rs 24 crore ($3.2 million) into Slice at a valuation of about Rs 120 crore ($16 million).

It is retaining a stake of 1-2% while selling the rest for about $90 million. Given that the total investment was under $5 million, it is walking away with nearly 20x returns after about three years.

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