Its existing investors TPG Rise Fund, Northwest Venture Partners, Eight Roads Ventures and Chiratae Ventures also participated in the round.

“With this new capital investment, we are set to expand our reach, strengthen our technology infrastructure, and deepen our impact across India. Together, we will continue to pave the way for a future where “Every person should have the tools and support they need to move forward economically,” Akshay Mehrotra, co-founder and CEO of Fibe, said in a statement.

Fibe (then EarlySalary) was founded in 2015 by Mehrotra and Ashish Goyal. With a strong focus on loan technology and risk management systems, the company has been able to offer low loan costs to consumers.

“Over the past few years, we have launched several financing solutions across healthcare, insurance and education in addition to our core personal loan offering to provide affordability to customers,” Goyal said.

“The fresh funds will be used to further strengthen the existing product range at Fibe,” he said.

The startup also recently launched India's first numberless co-branded credit card.