Fibe gets Sebi approval for Rs 750 crore IPO
According to its draft red herring prospectus, Fibe’s major investors including TPG’s The Rise Fund, Norwest Venture Partners, Chiratae Ventures, Piramal Finance and Eight Roads Ventures are selling shares as part of the public offering.
Digital lending startup Fibe has received Sebi approval for its proposed IPO, which will see a fresh issue of up to Rs 750 crore and an offer for sale of 40.07 million shares by existing investors. The proceeds will be primarily used to bolster Fibe's non-banking financial company arm, EarlySalary Services Pvt Ltd, with the remaining funds allocated for general corporate purposes.
Founded in 2015 as EarlySalary, the company has since expanded its loan offerings to include longer-term, unsecured personal loans and purpose-linked financing across various sectors.
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