EarlySalary Services Pvt. Ltd. (A Fibe Group Company) raises Rs. 30 crores via NCD issuance

• Issue fully subscribed on first day of subscription
• NCD has been listed on the Bombay Stock Exchange from the 22nd of September 2023, marking a significant step towards fund diversification

MUMBAI, India, Nov. 8, 2023 /PRNewswire/ -- EarlySalary Services Pvt. Ltd. (A Fibe Group Company) has raised Rs. 30 crores via issuance of Non-Convertible Debentures (NCD) which are now listed on Bombay Stock Exchange (BSE). This issue marks the debut of EarlySalary Services Pvt. Ltd. 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.    

Mr. Ashish Goyal, Co-Founder and Chief Financial Officer said "It gives me immense happiness to share that EarlySalary Services Pvt. Ltd.'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 on the Company and the transformative innovation it has undertaken in the digital lending space in India. We are committed to offer secure and inclusive financial solutions to the ambitious youth of India."

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

About Fibe Group

Fibe is one of India's leading consumer lending apps focused on young, aspirational, and tech-savvy Indian consumers. It is building a financial ecosystem that enables the mid-income group to fulfil their aspirations. It is an industry leader in the salary advance segment with the fastest processing time. 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 Pvt. Ltd. has partnered with Axis Bank to launch the Fibe Axis Bank Credit Card.

Fibe has grown multifold over the years and emerged as a market leader in providing financial assistance to young middle-income groups in India. Due to its highly scalable business model, and has been certified with ISO/IEC 2001 for its Information Security Management System (ISMS).  Today, Fibe group has access to debt lines to leading PSUs & Private Banks, Large Notable NBFCs and NDCs. The company has already disbursed more than 5.7 million+ loans worth Rs. 18,000 Cr+.

• Featured in Economic Times Best Brand Award at the Best Brands Conclave 2022
• Winner of the BFSI Leadership Award at the 5th NBFC100 Tech Summit
• Winner of Young Indians Delhi Youth Conclave Award
• Dream Company to Work for in Fintech by HRM Asia Pacific Congress
• Winner of G20 Digital Innovation Alliance – Best Startup in Fintech