Digital lending startup Fibe raises Rs 225 Cr via NCDs to fuel disbursals

Fibe’s lending arm EarlySalary has raised Rs 250 crore ($26.5 million) through non-convertible debentures (NCDs) from a clutch of investors to fuel growth and expand credit.

The non-convertible debentures, each valued at ₹1,00,000, were issued in July and attracted interest from several institutional investors. Franklin Templeton Alternative Investment Fund India subscribed ₹20 crore in the primary 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.

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“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 Rs 33,000 crore, through its lending partners.

About Fibe 

Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe provides personal and impact loans across categories like healthcare, edtech, insurance, and school fee financing. It also recently launched India’s first numberless co-branded credit card.

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Fibe has raised over $230 million so far, including a $90 million Series E round led by TR Capital, Trifecta Capital, and Amara Partners. Earlier, it secured $110 million in Series D funding from TPG and Norwest Venture Partners.

While FY25 results are yet to be filed, Fibe’s revenue doubled to ₹812 crore in FY24, up from ₹392 crore in FY23. Profits also saw a major jump, rising 18X to ₹101 crore in FY24 from ₹5.4 crore the previous year.