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July 24, 2024
Digital lending platform raises $90 million in a Series E funding
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Digital lending platform raises $90 million in a Series E funding

Jun 5, 2024

Digital lending platform Fibe (then EarlySalary) has raised $90 million in a Series E funding round led by TR Capital, Trifecta and Amara Capital.

Existing investors TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures and Chiratae Ventures also participated in the round, which included both primary and secondary transactions.

TR capital invested about $32.5 million, as confirmed by the firm, followed by TPG’s Rise Fund with $16 million and Kabira Holdings ($15 million).

The new fundraise will be deployed for business expansion, market outreach and curation of tailor-made products across impact loans portfolio, Fibe said in a statement.

Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe offers both short and long-term personal loans across segments like health, edtech, insurance financing and so on, including Buy Now Pay Later (BNPL) plans.

Previously, the Pune-based fintech firm had raised $110 million in a Series D round in August 2022 at a valuation of $350 million. The latest fundraise is reported to peg the firm’s valuation at over $500 million.

In FY23, the company reported a 135 percent jump in operating revenue to Rs 414.3 crore while the consolidated net profit zoomed 9X to Rs 36.3 crore on the back of strong growth in business.

“Over the last few years, we have launched multiple financing solutions for healthcare, insurance and education besides our core personal loan offering to provide affordability to customers. The fresh funds will be deployed to further strengthen the existing product lines at Fibe,” Co-founder and CFO Ashish Goyal said.

To date, Fibe claims to have disbursed over 6 million loans worth Rs 20,000 crore in partnership with banks and NBFCs. Recently, it tied up with Axis Bank to launch a numberless co-branded credit card.

“At Fibe, we believe in fostering a culture of responsible lending and borrowing, thereby ensuring that every opportunity we provide aligns with our borrowers’ aspirations and financial well-being. With this new capital injection, we are poised to expand our reach, strengthen our technological infrastructure, and deepen our impact across India,” said Akshay Mehrotra, Co-founder & CEO, Fibe.

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