Fibe seeks fresh funds, TR Capital to lead with $50 million infusion

livemint.com:

MUMBAI : TPG-backed online lending platform Fibe, formerly EarlySalary, is looking to secure a new funding round, comprising both primary and secondary capital, said three people in the know. TR Capital, a global fund specializing in secondary investments, is expected to lead the round, acquiring full or partial stakes from the company's existing investors, the people added, seeking anonymity. “The round is likely to be a secondary transaction.

Fibe might opportunistically raise primary capital," one of the three people said. “The company is doing well and there is significant inbound interest," he added. A Fibe spokesperson did not respond to Mint's emailed queries.

TR Capital's spokesperson was not immediately available for comment. Fibe's parent, Social Worth Technologies Pvt. Ltd, was valued at $350 million for its $110-million Series D round.

The company counts TPG’s The Rise Fund, Norwest Venture Partners, Piramal Capital, Eight Roads Ventures, Chiratae Ventures, and Dewan Housing Finance, as its investors. “Some early backers are likely to sell partial or full stake," the second person said. The company will be valued at $600-650 million, he added.

Fibe, a provider of small and personal loans to young working professionals, reported consolidated net profit of ₹36.3 crore for the fiscal year ended 31 March 2023. This growth was supported by operating revenues of ₹414.3 crore. Established in 2015 by Ashish Goyal and Akshay Mehrotra, Fibe offers cash loans, long-term personal loans, and Buy Now Pay Later services through a fully digital application process.