Fibe Group’s EarlySalary services raises $3.6m via NCD issuance

By Gloria Mathias

EarlySalary Services, a part of Fibe Group Company, has raised $3.6 million (Rs. 30 crores) via the issuance of Non-convertible Debentures (NCD) which are now listed on the Bombay Stock Exchange (BSE).

This issue marks the debut of EarlySalary Services on the BSE. The issue was fully subscribed through private placement on the first day of subscription. The company also has a green shoe option of raising another Rs. 19 crores, which is also fully subscribed. AK Capital Services Ltd. was the sole arranger for the bond issuance.

The NCDs have a face value of Rs. 1 lakh each. The issue has a maturity date of 18th March 2025. The debentures are rated BBB+/Stable rating from CARE Ratings Limited.

Ashish Goyal, Co-Founder and Chief Financial Officer said, “It gives me immense happiness to share that EarlySalary Services’s first-ever NCD issue got fully subscribed on the first day and will now be available on BSE. This is a testament to the faith and confidence investors have in the company and the transformative innovation it has undertaken in the digital lending space in India. We are committed to offering secure and inclusive financial solutions to the ambitious youth of India.”

Fibe is India’s consumer lending app focused on young, aspirational, and tech-savvy Indians and in the personal loan space for the salaried professional segment. The group raised $110 million in Series D funding last year and aims to now widen its geographic reach and diversify its offering.

It is building a financial ecosystem that enables the mid-income group to fulfil their aspirations. It has launched a host of financial products like Cash Loans, long-term Personal Loans and Buy Now Pay Later plans. It offers a 100% digital loan application process that takes just seconds to complete. Its technology arm – Social Worth Technologies has partnered with Axis Bank to launch the Fibe Axis Bank Credit Card.

Fibe has grown multifold over the years and continues to emerge in providing financial assistance to young middle-income groups in India.