Fintech firm Fibe announced on Wednesday that it has raised USD 90 million in a funding round led by TR Capital, Trifecta Capital, and Amara Partners, according to media reports. Existing investors, including TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures, and Chiratae Ventures, also participated in the round, which involved both primary and secondary transactions.
Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe specialises in consumer finance solutions, offering products such as healthcare loans, edtech loans, insurance financing, and school fee financing.
According to Akshay Mehrotra, Fibe's co-founder and CEO, the new capital will not only fuel the company's growth but also demonstrates its commitment to helping India's youth achieve their goals. He emphasized that the funds would help Fibe expand its reach, enhance its technology infrastructure, and increase its impact across India.
Fibe reports that it has disbursed more than 6 million loans, totaling over Rs 20,000 crore, since its inception. Media reports futher revealed that Co-founder and CFO Ashish Goyal stated that the new funds would be used to strengthen Fibe's existing product lines and support its sustainable expansion, ensuring the company continues to meet the evolving needs of its customers.
(PTI)
