TPG-backed digital lender Fibe files for Indian IPO worth ₹750 crore

Digital lender Fibe has filed for an Indian initial public offering, draft papers dated Monday showed, seeking to raise funds to expand lending to middle-income consumers.

Pune-based Social Worth Technologies, which operates Fibe, will issue new shares to raise up to ₹750 crore, while existing shareholders are selling up to 40.1 million shares. TPG's The Rise Fund III, Fibe's largest shareholder with a roughly 23% stake, along with Norwest Capital and Eight Roads Ventures, each owning about 13%, and Piramal Finance, with about 7%, are among investors selling part of their holdings.

The company competes with KrazyBee Services and Moneyview in India's digital lending space. It reported a 31% jump in revenue to 15.85 billion rupees for the fiscal year ending March 2026, while profit more than doubled to ₹257 crore. As of March 31, 2026, Fibe held assets under management of 86.03 billion rupees and counted more than 1.26 million unique active customers. Gross loans stood at ₹5,240 crore, more than double the ₹2,287 crore recorded two years earlier.

Fibe plans to use IPO proceeds to invest in EarlySalary Services, its lending arm, to strengthen the unit's capital base and support lending growth.

Kotak Mahindra Capital, Axis Capital, DAM Capital Advisors and JM Financial are the book-running lead managers to the issue.

Moneycontrol reported earlier Monday that Fibe was looking to file for an IPO of up to ₹2,000 crore. Fibe did not immediately respond to a Reuters request for comment on the IPO size or a targeted valuation.

Fibe's Alpha Score sits at 53/100, with a Mixed label in the Financial Services sector, according to AlphaScala's stock market analysis.