Fibe, the digital lending platform backed by private equity major TPG, has taken a big step towards its much awaited IPO by shortlisting top investment bankers to lead the process. The fintech, formerly known as EarlySalary, is looking to raise between INR 1,000 to 1,500 crore at a potential valuation of over USD 1 billion (~INR 8,880 crore), as investors are warming up to India’s mid-sized fintech lenders.
Banker Line-up & Fibe IPO Timeline
According to sources, Fibe has appointed Axis Capital, Kotak Mahindra Capital and JM Financial as the lead bankers for the issue and a fourth banker will be added soon. Fibe IPO is expected to hit the markets by mid-to-late 2026 subject to market conditions and regulatory approvals.
Fibe is part of a new set of digital lenders that are gearing up to test the public markets as investor sentiment and regulatory clarity improves in India’s fintech space.
Growth and Financials
Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe started as a salary advance platform but has since become a diversified lender offering personal loans, education, healthcare, insurance, solar rooftop financing, loans against mutual funds and digital fixed deposits. The company has also forayed into payments and plans to launch its own UPI app to compete with PhonePe, Google Pay and Navi.
Fibe’s growth has been impressive. It now operates in 350 cities, has disbursed over 6 million loans worth more than INR 20,000 crore and is showing strong operational efficiency. In FY24, the company’s revenues grew nearly 2x to INR 839.26 crore and net profit grew almost 3x to INR 107.25 crore from INR 36.33 crore a year ago. Rating agency CARE Ratings has upgraded Fibe to A- citing its healthy capitalization, expanding scale and prudent use of technology in risk assessment and operations.
Investor Base and Funding History
Fibe has raised around USD 228 million (~INR 2,025 crore) in total funding. Its last big funding round of USD 90 million (~INR 800 crore) in 2024 led by TR Capital, Trifecta Capital and Amara Partners valued the company at USD 600 million (~INR 5,330 crore). The round also saw participation from existing investors TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures and Chiratae Ventures.
With this as a base, the upcoming Fibe IPO could take the company’s valuation by 60-70% and push it into the unicorn club.
Fintechs Going Public
Fibe IPO comes at a time when mid-tier Indian fintechs are heading to public markets to fund their next leg of growth. Companies like KreditBee, Moneyview, Kissht, and Turtlemint are also in various stages of listing. For instance Kissht filed its draft red herring prospectus in August to raise up to INR 1,000 crore, while KreditBee is doing a USD 120 million (~INR 1,065 crore) pre-IPO round to strengthen its balance sheet before its own listing.
Despite the market volatility, analysts see this wave of fintech IPOs as a natural progression of India’s digital finance ecosystem—where companies that once survived on venture capital are now looking for public capital and long-term institutional backing.
Final Words
Fibe IPO will be a test case for mid-sized fintechs looking for sustainable growth and profitability. Its strong unit economics, consistent earnings growth and expanding digital infrastructure will make it an attractive play for investors looking to bet on India’s retail credit story.
If successful Fibe’s listing will set a new benchmark for India’s next wave of fintech IPOs, and pave the way for a more mature, regulated and publicly accountable digital lending ecosystem.
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