Pune-based digital lending platform Fibe, formerly known as EarlySalary, has successfully concluded its Series E funding round, raising Rs 547 crore ($66 million). Spearheaded by TPG’s The Rise Fund and Kabira Holdings, this investment marks a significant milestone for the company, representing its first major funding in the past two years.
The Rise Fund led the round with an investment of Rs 133 crore ($16 million), followed by Kabira Holdings with Rs 125 crore ($15 million). Other notable participants include Eight Road Ventures, Norwest Capital, Trifecta, Amara Partners, and Chirate Ventures. The funds raised will be utilized for Fibe’s expansion and growth initiatives, as outlined in the company’s business plan.
Following this funding, Fibe’s valuation is estimated to be approximately $590-600 million, marking a substantial increase from its previous valuation of $350 million during the Series D round. TPG’s The Rise Fund now holds a 22.72% stake in Fibe, with other investors also securing significant ownership stakes.
Previously, Fibe had raised $110 million in its Series D round, led by TPG’s The Rise Fund and Norwest Venture Partners. With total funding exceeding $200 million to date, the company is poised for further growth and expansion.
In the fiscal year ending March 2023, Fibe reported a significant increase in operating revenue, reaching Rs 414 crore. However, the company also experienced a surge in losses, which amounted to Rs 36 crore during the same period. Despite facing competition from other consumer lending firms, Fibe remains focused on enhancing its market position and delivering innovative lending solutions to its customers.