Fibe and Lendingkart Secure Major Funding to Fuel Expansion

Fibe, a consumer lending platform, has raised $90 million. The company offers personal loans, healthcare loans, edtech loans, insurance financing, and school fee financing​​.

Strategic Deployment of Funds

Fibe plans to use the new capital to expand its reach and strengthen its technological infrastructure. The funding will support the company’s mission to provide affordable credit solutions to a broader customer base. Fibe’s co-founder and CEO, Akshay Mehrotra, emphasized the company’s commitment to fostering a culture of responsible lending and borrowing, aligning with borrowers’ aspirations and financial well-being.

Growth and Market Presence

Since its inception in 2015, Fibe has disbursed over six million loans worth more than Rs 20,000 crore. The company has expanded its presence from 18 to 350 cities, playing a pivotal role in fulfilling the aspirations of young India, the world’s largest workforce. With the new funding, Fibe is poised to deepen its impact across India, focusing on sustainable expansion and meeting evolving customer needs​​.

Enhancing Lending Capabilities

Lendingkart has raised Rs 318 crore ($38 million) in debt to date and plans to use the latest funding to enhance its lending capabilities and support more SMEs. The company disburses loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to business owners across 4,100 cities. Lendingkart’s co-founder and CEO, Harshvardhan Lunia, highlighted that the firm aims to cross Rs 10,000 crore in assets under management before launching an initial public offering (IPO) next year.

Future Prospects

Both Fibe and Lendingkart are poised for significant growth with their recent funding rounds. Fibe aims to deepen its market impact by expanding its product lines and technological infrastructure. Meanwhile, Lendingkart focuses on enhancing its lending capabilities and preparing for an IPO. These developments highlight the dynamic and rapidly evolving landscape of the fintech sector in India, driven by strategic investments and innovative lending solutions.

References

• entrackr.com. (2024, June 3). Retrieved from Exclusive: Lendingkart raises Rs 100 Cr debt from Stride Ventures
• yourstory.com. (2024, June 5). Retrieved from Consumer lending startup Fibe raises $90M in Series E round
• retailbankerinternational.com. (2024, June 6). Retrieved from Fibe raises $90m in Series E funding round