SEBI has given the green light to the initial public offering (IPO) of lending tech startup Fibe, formerly known as EarlySalary. The regulatory approval allows the parent company, Social Worth Technologies Ltd, to move forward with its public listing, potentially offering a significant liquidity event for investors such as TPG, Norwest Capital, and Eight Roads Ventures.
The IPO will consist of a fresh issue of shares valued at up to ₹750 crore and an offer-for-sale (OFS) of more than 4 crore equity shares. TPG, through its investment entity The Rise Fund III SF Pte Ltd, will be the largest shareholder selling its stake, planning to offload up to 1.17 crore shares. Other investors, including Norwest Capital and Eight Roads Ventures, intend to sell up to 67.38 lakh and 65.56 lakh shares, respectively. Additional stakeholders like Piramal Finance, TR Capital, IDG Ventures, and Chiratae Ventures are also looking to reduce their holdings
Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe operates a digital consumer lending platform. It provides personal loans and financing options embedded at the point of purchase across various sectors, including education, insurance, healthcare, rooftop solar, travel, and e-commerce.
Fibe plans to channel ₹562.6 crore from the fresh issue proceeds into its non-banking financial company (NBFC) subsidiary, EarlySalary Services Pvt Ltd, over the next two fiscal years. This capital infusion aims to bolster the subsidiary’s capital base and support its lending operations. The remaining funds will be allocated for general corporate purposes. Additionally, Fibe may explore raising up to ₹150 crore through a pre-IPO placement.
Financially, Fibe has demonstrated robust growth. The company's net profit more than doubled to ₹257.5 crore in FY26, up from ₹113.7 crore in the previous fiscal year. Its operating revenue saw a 31% increase, reaching ₹1,584.6 crore from ₹1,208.9 crore in FY25. The startup's assets under management (AUM) have grown at a compound annual growth rate of 45.49%, reaching ₹8,602.7 crore as of March 31, 2026, compared to ₹4,064.2 crore as of March 31, 2024.
To date, Fibe has raised nearly $300 million in funding. TPG's The Rise Fund III holds a 23.26% stake in the company, making it the largest shareholder. Norwest Capital and Eight Roads Ventures each hold approximately 13% stakes. Meanwhile, co-founder and CEO Mehrotra owns 2.1%, and co-founder and CFO Goyal holds a 1.75% stake.
The issuance of final observations by SEBI is a critical step in the IPO process, indicating that the company can proceed with its public issue. Fibe had filed its draft red herring prospectus (DRHP) in June this year, and the current approval marks a significant milestone in its journey towards becoming a publicly listed entity.
