Fibe has successfully raised $90 million in a Series E funding round, spearheaded by TR Capital, Trifecta Capital, and Amara Partners. The round also saw participation from existing investors TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures, and Chiratae Ventures, involving both primary and secondary transactions.

Previously known as EarlySalary, the Pune-based company raised Rs 547 crore ($66 million) in a round led by TPG’s The Rise Fund and Kabira Holdings, marking its first investment in two years. The company’s board approved the issuance of 5,46,75,600 Series E CCPS at Rs 100 each, according to regulatory filings.

TPG’s The Rise Fund contributed Rs 133 crore ($16 million), Kabira Holdings Rs 125 crore ($15 million), Eight Roads Ventures Rs 41.6 crore ($5 million), Norwest Capital Rs 62.5 crore ($7.5 million), and Trifecta Rs 55 crore ($6.6 million). Amara Partners and Chiratae Ventures added Rs 29.17 crore and Rs 100 crore, respectively. These funds will support Fibe’s expansion and growth plans.

Valued at approximately $590-600 million post-money, Fibe’s valuation has risen significantly from $350 million in its Series D round. Following this latest funding, TPG’s The Rise Fund holds a 22.72% stake in Fibe, with Eight Roads Ventures, Norwest Capital, Chiratae Ventures, and Kabira Holdings holding 15.8%, 13.58%, 9.59%, and 6.01% respectively.

Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe offers various personal and impact loans, including healthcare, edtech, insurance, and school fee financing. Recently, it launched India’s first numberless co-branded credit card. To date, Fibe has disbursed over 6 million loans totaling Rs 20,000 crore.

In its Series D round last August, Fibe raised $110 million led by TPG’s The Rise Fund and Norwest Venture Partners. Overall, the company has raised more than $200 million. For the fiscal year ending March 2023, Fibe’s operating revenue grew 2.3 times, and its profit surged over ninefold to Rs 36 crore, with an operating collection of Rs 414 crore.