Fibe’s lending platform, EarlySalary, has raised INR 250 crore (around $26.5 million) through non-convertible debentures (NCDs) to support its growth and expand credit offerings.
The NCDs, each worth ₹1,00,000, were issued in July and drew interest from multiple institutional investors. Franklin Templeton Alternative Investment Fund India invested INR 20 crore in the initial tranche.
The funds will help boost the company’s innovation-driven growth and expand its lending operations, aiming to meet the credit needs of young, tech-savvy, and salaried individuals, the statement said.
“We have always remained focused on maintaining asset quality while working to diversify and institutionalise our funding sources,” said Ashish Goyal, Whole-time Director at EarlySalary Services. “The participation of institutional investors, especially Franklin Templeton AIF India, is not just a reflection of confidence in our long-term vision, but in the digital lending sector as a whole.”
“With the additional debt capital, we will continue to serve the credit needs of India’s rising, digitally savvy population,” Goyal added. The company has disbursed over 8 million loans, totalling more than INR 33,000 crore, through its lending partners.
Fibe, founded in 2015 by Akshay Mehrotra and Ashish Goyal, offers personal and impact loans in areas like healthcare, education, insurance, and school fees. It also recently launched India’s first numberless co-branded credit card.
So far, Fibe has raised over $230 million in funding. This includes a $90 million Series E round led by TR Capital, Trifecta Capital, and Amara Partners, and an earlier $110 million Series D round from TPG and Norwest Venture Partners.
While FY25 results are yet to come in, Fibe’s revenue doubled in FY24 to INR 812 crore from INR 392 crore in FY23. Its profits also saw a huge jump, rising from INR 5.4 crore to INR 101 crore.
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