Fibe Crosses Rs 1,200 Cr Revenue in FY25; Profit Spikes 13%
•February 17, 2026
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Why It Matters
Rapid revenue growth and expanding loan book underscore Fibe’s scaling in India’s consumer‑lending market, while rising costs highlight the credit risk challenges inherent to fintech financing. The new IFC‑backed capital provides runway to improve unit economics and deepen market penetration.
Key Takeaways
- •FY25 revenue hit Rs 1,228 cr, +49% YoY
- •Profit rose 13% to Rs 114 cr
- •Interest income surpassed Rs 1,000 cr, 80% of revenue
- •Finance costs jumped 85% to Rs 691 cr
- •Unit economics: Rs 0.91 cost per rupee earned
Pulse Analysis
Fibe’s FY25 results signal a maturing fintech that is capturing a sizable slice of India’s burgeoning consumer‑lending sector. With operating revenue climbing to Rs 1,228 crore—a 49 percent jump year‑on‑year—the firm has leveraged its diversified loan portfolio, which now exceeds 9 million disbursements and Rs 40,000 crore in total funding. Interest on loans, the core engine of its earnings, crossed the Rs 1,000 crore threshold, accounting for more than 80 percent of revenue. This growth outpaces many traditional NBFCs and reflects strong demand for digital credit across healthcare, education and solar installations.
Despite top‑line momentum, Fibe’s cost structure is under pressure. Finance costs rose 85 percent to Rs 691 crore, fueled by higher loan write‑offs and guarantee losses that together represent a substantial portion of the expense base. Advertising spend and agent commissions also expanded, pushing total operating expenses to Rs 1,112 crore. The resulting cost‑to‑revenue ratio of Rs 0.91 per rupee earned indicates that profitability remains thin, a common challenge for high‑growth fintechs that must balance rapid loan origination with credit risk management.
The $35 million Series F injection, led by the International Finance Corporation, adds to Fibe’s cumulative $265 million funding and provides a strategic cushion for FY26. The IFC partnership not only supplies capital but also brings governance and risk‑mitigation expertise that could help tighten underwriting standards and improve unit economics. With the Indian credit market projected to exceed $200 billion in the next five years, Fibe is well‑positioned to scale its loan‑origination platform, deepen partnerships with banks and NBFCs, and potentially achieve sustainable profitability as it refines its cost base.
Fibe crosses Rs 1,200 Cr revenue in FY25; profit spikes 13%
Fibe, formerly EarlySalary, recently raised $35 million in a Series F round led by the International Finance Corporation. The impact of this funding will likely reflect in FY26. In the fiscal year ending March 2025, the consumer lending firm reported nearly 50% growth in operating revenue to over Rs 1,200 crore, while profit also rose in double digits.
Fibe’s revenue from operations grew 49% year-on-year to Rs 1,228 crore in FY25 from Rs 824 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC).
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Co-founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe provides personal loans, long-term loans, loans against mutual funds, and fixed deposits across healthcare, education, and solar rooftop installations. It claims to have facilitated more than 9 million loans, with total disbursements exceeding Rs 40,000 crore through over 8,500 lenders.
Interest on loans was the largest revenue contributor for Fibe, with over 80% share of its total operating revenue. This income rose 46% in FY25 and crossed the Rs 1,000 crore mark. The company also earned servicing fee income for managing loan collections and administration on behalf of lending partners. It has partnered with several banks and NBFCs, including Northern Arc Capital, InCred Finance, Tata Capital, and many others.
Income from guarantee premium, i.e. fees earned for providing default protection to lending partners, also stood at Rs 104 crore for Fibe and grew 83% year-on-year. The remaining revenue came from marketing income, commission income, and other operating sources.
Fibe also earned around Rs 41 crore from non-operating sources such as interest income and gains on the sale of current investments, and this took its total income to Rs 1,269 crore in the last fiscal year.
For the consumer lending company, finance cost formed the largest cost centre, with over 62% share of the total expenditure, and stood at Rs 691 crore in FY25 for Fibe. This cost rose 85% year-on-year from Rs 373 crore in FY24. Notably, it included Rs 257 crore towards loan write-offs and Rs 207 crore as loss on guarantees invoked.
Advertising and promotional expenses, another major cost centre for Fibe, stood at Rs 128 crore in FY25. Employee benefit expenses, which accounted for under 10% of the total cost, rose 34% to Rs 111 crore, including Rs 9.2 crore of ESOP expenses.
Commission paid to selling agents, legal & professional, travelling and other miscellaneous overheads took the overall expenses for the firm to Rs 1,112 crore in FY25 from Rs 706 crore in FY24.
Higher non-operating income, which rose from Rs 18 crore to Rs 41 crore, helped the Pune-based firm post a 13% increase in profit to Rs 114 crore. Fibe spent Rs 0.91 to earn one rupee of operating revenue on a unit basis. As of March 2025, it had total current assets of Rs 3,135 crore, which includes cash and bank balance of Rs 259 crore.
Fibe has raised over $265 million to date, including a $90 million Series E round led by TR Capital, Trifecta Capital, and Amara Partners. In August last year, Fibe also raised Rs 250 crore in debt for its lending arm, EarlySalary, from a group of investors including AK Capital Finance.
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