Digital lender Fibe plans ₹1,500cr IPO, targeting $1B valuation
What's the story
Fibe, a digital lending platform backed by TPG Capital, is gearing up for an initial public offering (IPO) to raise ₹1,000-₹1,500 crore. The company hopes to achieve a valuation of over $1 billion, according to Mint. It has already started talks with bankers and plans to finalize appointments by the end of this quarter. A stock market debut is expected by mid-to-late next year.
Service range
Company overview and future plans
Founded in 2015 as EarlySalary, Fibe provides quick, collateral-free loans to salaried professionals. The company has already disbursed over six million loans worth ₹20,000 crore across 350 cities. Fibe plans to use the funds raised from its IPO for tech upgrades and expanding impact lending in healthcare, education, and green energy sectors.
Financial backing
Recent fundraising efforts
Fibe's NBFC arm, EarlySalary Services Pvt Ltd, recently raised ₹225 crore in debt from various financial institutions. The company plans to use these funds for innovation-led growth and strengthening its lending operations. Last year, it raised $90 million in a mix of primary and secondary transactions led by TR Capital, Trifecta Capital, and Amara Partners.
Growth trajectory
Financial growth and ratings upgrade
Fibe's parent company, Social Worth Technologies Pvt Ltd, saw its revenues double to ₹839.26 crore in FY24. Its profits also jumped significantly from ₹36.33 crore in FY23 to ₹107.25 crore in FY24. CARE Ratings upgraded Fibe to A- last September due to its strong capitalization and improved scale of operations leveraging tech-based underwriting models with robust financial performance.