EarlySalary Services Pvt. Ltd., an entity of the Fibe Group, debuted on the Bombay Stock Exchange (BSE) and successfully raised Rs. 30 crores through Non-Convertible Debentures (NCDs) on its first day, Wednesday. The issue was fully subscribed, demonstrating strong investor confidence in the company's digital lending innovations. An additional Rs. 19 crores were also raised through a green shoe option, bringing the total funds raised to Rs. 49 crores.
The NCDs, managed by AK Capital Services Ltd., each carry a face value of Rs. 1 lakh and are set to mature on 18th March 2025. They received a BBB+/Stable rating from CARE Ratings Limited.
Fibe Group's CFO and Co-Founder Ashish Goyal acknowledged the investor faith in their digital lending innovations for the successful subscription. He reiterated the firm's commitment to providing secure financial solutions to India's youth.
Fibe Group is known for targeting young, tech-savvy Indians, particularly those within the mid-income group. Following a successful $110 million Series D funding round last year, Fibe plans to expand geographically and diversify its product offerings. Its current products include cash loans, long-term personal loans, Buy Now Pay Later plans, and the Fibe Axis Bank Credit Card which was launched in partnership with Axis Bank through its tech arm – Social Worth Technologies Pvt. Ltd.
The company has disbursed over 5.7 million loans worth more than Rs. 18,000 Cr+ and holds the fastest processing time in the salary advance segment. It has garnered several awards for its services, including the Economic Times Best Brand Award, BFSI Leadership Award at the NBFC100 Tech Summit, and Young Indians Delhi Youth Conclave Award.
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