TPG-backed online lender Fibe shortlists bankers to raise over ₹1,500 crore via IPO
Online lender Fibe plans to raise over 1,500 crore through an IPO, valuing the company above $1 billion, as mid-sized fintechs prepare to test India’s public markets.
MUMBAI : TPG-backed online lending platform Fibe has shortlisted three investment bankers to steer its initial public offering (IPO), through which it plans to raise over ₹1,500 crore at a targeted valuation of over $1 billion, three people familiar with the matter said.
The company has roped in Axis Capital, Kotak Mahindra Capital, and JM Financial to lead the process, the people said, adding that the listing could materialize by mid-to-late next year.
“The company is likely to appoint a fourth banker in the coming weeks," one of the people cited above said. Fibe and Axis declined to comment, while Kotak and JM Financial did not respond to Mint’s queries.
IPO ambitions
The move comes after Fibe raised $90 million last year in a mix of primary and secondary transactions led by TR Capital, Trifecta Capital, and Amara Partners, valuing the firm at around $600 million.
Other existing investors—TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures, and Chiratae Ventures—also participated in the round. The company’s total funding so far stands at about $228 million, according to market intelligence platform Tracxn.
The company could see a sharp valuation jump in the IPO, buoyed by its steady growth, profitability, and solid fundamentals. Mint had reported in August that Fibe was in the process of finalizing its banker lineup.
Fintechs eye public markets
Fibe’s IPO plan comes amid a growing rush among mid-sized fintechs—especially those valued below $1 billion—to tap the public markets despite choppy investor sentiment.
Peers such as Moneyview, KreditBee, Kissht, and Turtlemint are also at various stages of preparing their listings. While Kissht filed its draft papers in August to raise up to ₹1,000 crore, KreditBee has appointed bankers to raise $120 million to strengthen its balance sheet ahead of its planned IPO.
Growth track record
Since its inception, Fibe has expanded to 350 cities and disbursed more than 6 million loans worth over ₹20,000 crore. The company has leveraged its tech-driven underwriting and risk systems to offer lower-cost credit to borrowers.
It also launched a co-branded credit card last year and continues to broaden its lending portfolio. At the time of its last fundraise, Fibe said it aimed to deepen its market reach, strengthen its technology infrastructure, and scale product lines, including its impact lending portfolio.
Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe— formerly EarlySalary— began as a salary advance provider and gradually expanded into healthcare, education, insurance, and solar rooftop financing, as well as loans against mutual funds and digital FDs.
In May 2025, Mint reported that the company is gearing up to launch its own UPI app, positioning itself against players such as PhonePe, Google Pay, Super.Money, and Navi.
Operated by Social Worth Technologies Pvt. Ltd, Fibe nearly doubled its revenues to ₹839.26 crore in FY24, while net profit nearly tripled to ₹107.25 crore from ₹36.33 crore a year earlier.
Last September, CARE Ratings upgraded Fibe to A-, citing its robust capitalization, expanding scale, and efficient use of technology in underwriting and operations.
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