Finix Partners, a venture capital firm led by former BharatPe co-founder Bhavik Koladiya, has acquired fintech startup Slash.
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Sources told Entrackr that all stakeholders including founders and investors have exited Slash while Finix Partners has retained the IP, trademark and other company assets.
“Slash’s entire workforce has either left or let go in the past few weeks,” said one of the sources requesting anonymity.
Koladiya has confirmed the development to Entrackr but did not share details. “…We plan to run it independently as a part of Finix Partners portfolio companies. The Slash App is being revamped and will be relaunched soon for the new users,” he said.
Founded by Laman Ansari and Rahul Mahajan, Delhi-based Slash was owned by Greenbacks Technologies Private Limited. Its investors include Elevation Capital and Tanmay Bhat. The company’s chief executive Ansari moved on from the startup in April and is currently working as a machine learning consultant at a UK-based company, Anthropic.
As per sources, Slash was also facing a cash crunch and couldn’t raise the series A round. “Slash was exploring M&A opportunities for the past six months and held talks with several large fintech companies,” said the person quoted above.
Entrackr couldn’t ascertain the size of the transaction. Queries sent to Slash’s cofounders and Elevation Capital did not elicit an immediate response.
The platform was operating in the UPI payments domain and e-commerce store for Shopify merchants.
Koladiya is the current CEO of SaaS startup OTPless which was incorporated in December 2021. The company is also one of the portfolios of his family office Finix Partners.
