EarlySalary Services Pvt. Ltd. (A Fibe Group Company) raises 30 crores via NCD issuance
By siliconindia | Wednesday, 08 November 2023, 06:28:34 PM IST
EarlySalary Services Pvt. Ltd. (A Fibe Group Company) has raised 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 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 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.
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