SEBI Greenlights Lending Tech Startup Fibe’s ₹750 Cr+ IPO

India's securities regulator, SEBI, has approved the initial public offering (IPO) of fintech startup Fibe, initially named EarlySalary. SEBI's final observation on the company's offer documents grants permission for the proposed issuance.

Fibe's IPO, filed in June, will see a fresh share issuance of up to ₹750 crore and an offer-for-sale (OFS) component of over 4 crore equity shares. The capital raise aims to provide a significant liquidity event for existing investors and fund the company's growth.

The largest selling shareholder is investment firm TPG with a stake of up to 1.17 crore shares, followed by Norwest Capital and Eight Roads Ventures with approximately 13% each. Other investors planning to reduce their holdings through the OFS include Piramal Finance, TR Capital, IDG Ventures, and Chiratae Ventures.

Fibe plans to allocate ₹562.6 crore from the fresh issue proceeds to its non-banking financial company subsidiary, EarlySalary Services Pvt Ltd. This capital infusion will bolster the subsidiary's capital base and support its lending needs over the next two fiscal years. The remaining IPO proceeds will be utilized for general corporate purposes and potentially a pre-IPO placement of up to ₹150 crore.

Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe operates a digital consumer lending platform providing personal loans and purpose-driven financing. The company also offers embedded financing solutions across various sectors such as education, insurance, healthcare, rooftop solar, travel, and e-commerce. Fibe's net profit more than doubled in FY26 to ₹257.5 crore from ₹113.7 crore in FY25, while its operating revenue grew by 31% to ₹1,584.6 crore from ₹1,208.9 crore in the same period.