Mumbai-based fintech platform Fibe (formerly EarlySalary), backed by TPG Rise Fund, is planning an IPO to raise ₹1,000–1,500 crore, targeting a valuation of over US $1 billion by mid-to-late 2026. The move places Fibe among emerging unicorns looking to capitalize on booming digital lending and consumer credit growth in India.
Company & IPO Details
Fibe has engaged investment bankers and intends to finalize them by quarter-end.
The listing is expected in mid-2026, subject to market conditions and regulatory approvals.
The IPO proceeds will fund expansion of impact financing verticals (education, healthcare, solar), strengthen lending technology, and diversify offerings.
Financial Milestones & Growth Trajectory
FY24 Revenue: ₹839.26 crore
FY24 Net Profit: ₹107.25 crore (up from ₹36.33 crore in FY23)
Fibe has disbursed over 6 million loans totaling ₹20,000 crore across 350+ cities; AUM stood at ₹4,428 crore as of mid‑2024, with over half on Fibe’s NBFC arm.
CARE Ratings upgraded the company to A‑ rating, citing strong capitalization and scalable underwriting models.
Growth Drivers & Product Strategy
Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe began as a salary advance platform and has since evolved into a full-stack digital lender:
Offers salary advances, personal and consumer loans, credit cards, and checkout finance
Expanded into education, healthcare, solar rooftop, and mutual fund lending
Partnered product launch: co-branded credit card
Working on its own UPI payments app, to compete with PhonePe, Google Pay, and others.
Recent Fundraising and Backers
Its NBFC arm, EarlySalary Services, raised ₹225 crore in debt from institutional investors including Franklin Templeton earlier this week for innovation-led expansion.
Fibe’s latest funding round (June 2024) raised US $90 million at a valuation of US $600 million from existing investors like TPG, Norwest, Chiratae, TR Capital, and others, bringing total capital raised to ~US $228 million.
Market Position & Competitive Edge
Fibe’s strengths lie in its tech-backed underwriting, niche product diversification, and a strong focus on salaried young professionals.
It competes with fintech startups such as Moneyview, KreditBee, Kissht, and Turtlemint, who are also gearing up for public listings by 2026.
Industry & Investor Implications
The IPO signals renewed confidence in India’s digital lending sector, especially given recent rate cycles and fintech regulatory tightening.
Investors get an opportunity to access a profitable fintech lending model with strong growth potential, diversification across multiple product lines, and clear path to market presence.
Continued innovation in impact lending (education, healthcare, green energy) and financial inclusion could help distinguish Fibe in a crowded fintech landscape.
Conclusion
Fibe’s upcoming IPO marks a significant milestone not only for the company but for the broader fintech ecosystem in India. With robust financials, expanding geographic and product reach, and strong backing from global PE investors, the IPO could open new doors for retail and institutional investor participation in India’s digital credit growth story.
