#StartupNews Slice: how to benefit from a 3-day workweek | Idea factory
#StartupNews
Slice: how to benefit from a 3-day workweek
Country: India
Valuation: $200 million
Business model: banking
IT companies have to compete for specialists due to the shortage of workforce in this field. Thus, Slice came up with an attractive solution — set a 3-day workweek for employers. The aim is to make it a competitive advantage and subsequently attract more IT specialists to expand. Let’s insight into the startup idea and see if it works.
Background
Rajan Bajaj was 22 when he founded the firm in 2016. He realized that dealing with credit cards for young Indians was too complicated. Rajan could relate to the problem faced as he was a youngster himself. Basically, he had been keen on the banking space from his college days, and decided to tackle a problem that affected his generation, particularly those brought up in middle-class families in Tier II and III cities.
Idea
This is an e-commerce startup specializing in credit cards for millennials. They help users track the delivery of goods and keep the purchase history. Rajan Bajaj claims it has 3 million registered members, whose average age is 27. The first physical card issued in 2019 implied registering within a minute, cash-back, and several pay options. For September 2021, Slice issued 110,000 cards, which made it one of the leaders in the FinTech industry.
Investments
A number of high-profile investors are willing to invest in Slice. Some of their investors are Gunosy Capital and Blume Ventures. A number of other firms, including Insight Partners, Ribbit Capital and Greenoaks, are interested in the startup as well. So far the company has raised $30 million in the previous rounds.
Advantage
Slice is very good at understanding millennials and gen z. The approach to solving their issues has been something brand-new. The Slice super card has the potential to critically change the way the next generation view the concept of credit cards.
A 3-day workweek
The startup offered some of their workers a new schedule. They can work only 3 days a week for 80% market rate. Though, the staff can work both at the office or remotely. In their spare time they can do whatever that want to: develop their own startup or enjoy favorite activities.
The workers employed within a 3-day program form small teams. They are supposed to work on cryptocurrency projects and products, based on the principle ‘buy now, pay later’. However, the staff selection for the program was rigorous. The company asserts that a 3-day workweek is a perk that even large tech companies like Google and Amazon don’t offer. That’s why it allows them to recruit talents of a certain kind. This way, Slice seeks to employ 450 employers and 1,000 engineers in 3 years.
What do you think about Slice’s concept? Do you consider a 3-day workweek a wise decision? Share in the chat
