Digital lending Startup Fibe wins Rs. 547 crore in Series E

Advanced loaning platform Fibe (previously EarlySalary) has raised Rs. 547 crore or $66 million in Series E round directed by TPG’s The Rise Fund and Kabira Holdings. This is the principal round of ventures for the Pune-based organization after two years.

The board at Five has passed a unique goal to give 5,46,75,600 Series E CCPS at an issue cost of Rs 100 each to raise Rs. 547 crore, its administrative recording gotten to from the RoC shows.

The Fundraise drove the round with Rs. 133 crore while Kabira Holdings put in Rs 125 crore. Also, Eight Road Ventures, Norwest Capital, and Trifecta took an interest with Rs. 41.6 crore - $5 million, Rs. 62.5 crore - $ 7 million and Rs. 55 crore - $6.6 million, individually.

Similarly, Amara partners and Chirate contributed Rs. 29.17 crore and Rs. 100 crore. As indicated by company’s filings, the organization will involve these funds for development according to the strategy properly embraced by the board.

According to the estimation of TheKredible, the firm has been estimated nearly $590-600 million after the fund raise. During the Series D funding round, the company was valued at $350 million.

Next to this fresh fund, TPG’s The Rise Fund covers 22.72 percent stake, at the same time Eight Road ventures, Norwest Capital, Kabira Holding and Chiratae Ventures will be given at 15.8%, 13.58%, 6.01% and 9.59% correspondingly.

Last year, the company has raised $110 million in Series D funding round directed by TPG’s The Rise Fund and Norwest Venture Partners. The digital lending company has elevated around $200 million to date.

In the financial year ending March 2023, Fibe sustained to develop the functional revenue by 2.3X. As per the start-up data intelligent platform, TheKredible, the total revenue from the operations settled at Rs. 414 crore in the financial year 2023, in the meantime, the losses increased to Rs. 36 crore.

Among other consumer lending companies in the market, Fibe competes with Slice, LoanTap, PaySense, MoneyTap, & IndiaLends