Company Briefs: Slice

Slice, a credit card start-up targeting young consumers, yesterday said it raised US$220 million (S$301 million) to become India's latest unicorn in a record funding year for the country's Internet companies. The round led by Tiger Global Management and Insight Partners valued Slice at more than US$1 billion.

The company will use the capital to boost hiring, add new offerings and expand in the digital payments market. Launched in 2019, the Bangalore-based company has issued more than 200,000 cards a month, it said.

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Singapore-based virtual currency exchange Coinstore has begun operations in India at a time when the government is preparing legislation to effectively bar most private cryptocurrencies.

Coinstore has launched its Web and app platform and plans to open branches in Bangalore, New Delhi and Mumbai, its management said.

"With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market," said Mr Charles Tan, head of marketing at Coinstore.

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Toyota Motor's global output fell by more than a quarter in October from a year earlier, as a shortage of semiconductors and other parts continued to impact automakers.

The world's No. 1 carmaker yesterday said it produced 627,452 vehicles in October, down from 845,107 units a year earlier. Global sales also fell 20 per cent to 677,564 units.

Japanese automakers have struggled to restore production levels due to outbreaks of coronavirus cases in South-east Asia, as well as a shortage of parts and semiconductors.

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