Pune-Based Fibe Raises $90 Million Despite RBI Regulations

By Sunil Sonkar
2 Min Read
Pune-Based Fibe Raises $90 Million Despite RBI Regulations

Pune-based consumer lending startup Fibe has secured a funding of $90 million led by Hong Kong-based TR Capital that contributed $32 million through secondary and primary investments. Fibe was earlier known as EarlySalary. Other notable investors included Trifecta Capital and Amara Partners.


A fund of $66 million came through primary investments and the remainder was secondary capital. Founder Akshay Mehrotra has not yet disclosed the valuation of Fibe following the funding round. Industry insiders estimate the valuation could be over $500 million.

The other investors which participated in the funding includes TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures and Chiratae Ventures. Fibe had earlier in 2022 secured around $110 million from investors such as Piramal Capital, Dewan Housing and TPG Rise. It was also supported by Transcorp and Eight Roads Ventures.

Akshay Mehrotra commented that about $66 million was primary capital. He added that the secondary capital mostly involved share-swaps without major exits. However, it is noted that the fresh capital comes at such a time when the fintech lending is going through a challenging period for startups. The Reserve Bank of India had earlier advised banks and NBFCs to slow down on unsecured lending. Hence, startups are finding difficulties in raising new equity funding. Consumer-focused lending startup MyShubhLife was recently acquired by listed NBFC Ugro Capital for the reason.

Fibe has managed to stand out by demonstrating a profitable business model. It has a strong corporate governance and good asset quality. Company data reveals that Fibe closed the fiscal year 2024 with a revenue of about Rs 1,000 crore. The figure was Rs 429 crore in FY23. The company simultaneously reported a net profit of around Rs 100 crore, which was up from Rs 36 crore in the previous fiscal year.

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