TPG-backed online lender Fibe shortlists bankers to raise upto ₹1,500 crore via IPO
MUMBAI
: TPG-backed online lending platform Fibe has shortlisted three investment bankers to lead its initial public offering (IPO). ₹1,000 crore and ₹The target valuation is ₹1,500 crore, above $1 billion, three people familiar with the matter said.
The company has tied up with Axis Capital, Kotak Mahindra Capital and JM Financial to lead the process, sources said, adding that the listing could happen by the middle to end of next year.
“The company will probably appoint a fourth banker in the coming weeks,” said one of the people cited above. Fibe and Axis declined to comment, while Kotak and JM Financial did not respond Mint‘s queries.
IPO targets
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 company 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 approximately $228 million, according to market intelligence platform Tracxn.
The company could see a sharp valuation increase in an IPO, thanks to its steady growth, profitability and solid fundamentals. Mint In August, it was reported that Fibe was in the process of completing its banker staff.
Fintechs have their eyes on public markets
Fibe’s IPO plan comes amid a growing rush for mid-sized fintechs (particularly those valued under $1 billion) to tap public markets despite volatile investor sentiment.
Similar companies such as Moneyview, KreditBee, Kissht and Turtlemint are also in various stages of preparing their listings. While Kissht presented its draft documents in August, ₹KreditBee, valued at Rs 1,000 crore, has asked bankers to raise $120 million to strengthen its balance sheet ahead of its planned IPO.
growth history
Since its founding, Fibe has spread to 350 cities and has disbursed more than 6 million loans. ₹20,000 crore. The company leveraged technology-driven underwriting and risk systems to offer lower-cost loans to borrowers.
It also launched a co-branded credit card last year and continues to expand its loan portfolio. During its last fundraise, Fibe said it aimed to deepen its market reach, strengthen its technology infrastructure and scale its product lines, including its effective credit portfolio.
Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe (formerly known as EarlySalary) started as a salary advance provider and gradually expanded to healthcare, education, insurance and solar rooftop financing, as well as loans for mutual funds and digital FDs.
In May 2025, Mint reported that the company is preparing to launch its own UPI app, positioning itself against players such as PhonePe, Google Pay, Super.Money and Navi.
Works at Social Worth Technologies Pvt. Ltd, Fibe nearly doubles revenues ₹839.26 crore in FY24 while net profit almost tripled ₹107.25 crore onwards ₹36.33 crore a year ago.
Last September, CARE Ratings upgraded Fibe to A-, citing its strong capitalization, expanding scale and efficient use of technology in underwriting and operations.
