Pune-based digital lending company Fibe, operating under Social Worth Technologies Limited, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO), dated June 29, 2026.
The offer comprises a fresh issue of equity shares aggregating up to Rs 750 crore and an offer for sale (OFS) of up to 40,071,200 equity shares by existing shareholders, including The Rise Fund III, Norwest Capital, Eight Roads Ventures, and Piramal Finance. The company may also undertake a pre-IPO placement of up to Rs 150 crore, which would correspondingly reduce the fresh issue. Kotak Mahindra Capital, Axis Capital, DAM Capital Advisors, and JM Financial are the book-running lead managers for the issue.
Incorporated in 2015, Fibe is a technology-led lending platform that extends personal loans (PLs) and purchase/point-of-sale finance (PDF) products to middle-income customers primarily through its material subsidiary, EarlySalary Services Private Limited (ESPL), a registered non-banking financial company (NBFC).
Fibe’s Planned Spendings: The company intends to allocate the bulk of its fresh-issue proceeds to its lending engine. The company will invest Rs 562.6 crore of the net proceeds into ESPL to augment its capital base and support onward lending. Meanwhile, up to 25% of gross proceeds, capped at roughly RS 187.5 crore, has been earmarked for general corporate purposes.
Cap Table:
| SHAREHOLDERS | PERCENTAGE OF EQUITY SHARE CAPITAL (FULLY DILUTED) |
| The Rise Fund III SF Pte. Ltd. | 23.26% |
| Norwest Capital, LLC | 13.38% |
| Eight Roads Ventures India III LP | 13.02% |
| Piramal Finance Limited | 7.06% |
| Kariba Holdings V Mauritius II | 5.92% |
| Social Worth Tech India LLP | 5.89% |
| International Finance Corporation | 5.31% |
| Social Worth Technologies ESOP Management Trust | 4.82% |
| IDG Ventures India Fund III LLC | 2.70% |
| M/s Utkarsh | 2.42% |
| Chiratae Growth Fund I | 2.19% |
| Akshay Mehrotra | 2.10% |
| Ashish Sohan Goyal | 1.75% |
| Chiratae Trust | 1.56% |
| Trifecta Leaders Fund – I | 1.08% |
Fibe’s Financial Numbers: The company reported total revenue from operations of Rs 1,584.55 crore in FY26, up from Rs 1,208.94 crore in FY25 and Rs 771.86 crore in FY24. Consequently, restated profit for the year more than doubled to Rs 257.47 crore in FY26, compared with Rs 113.73 crore in FY25 and Rs 101.25 crore in FY24.
Furthermore, Fibe’s total Gross Loans (on-book) rose to Rs 5,241.20 crore as of March 31, 2026, from Rs 2,287.16 crore two years earlier. However, gross stage three loans, essentially loans overdue by 90 days or more, stood at Rs 63.13 crore, down from Rs 93.17 crore in FY25 but still above the Rs 44.62 crore recorded in FY24.
Risk Factors:
- Exposure Under India’s New Data Protection Regime: Fibe processes vast volumes of sensitive financial and identity data. Given the scale of processing, the company or ESPL may be designated a “Significant Data Fiduciary” under the Digital Personal Data Protection Act, 2023,…
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