
New Delhi, July 4 -- Digital lending platform Fibe, which is backed by marquee private equity firms TPG and TR Capital among others, has promoted its chief business officer, Vimal Saboo, to chief executive officer of EarlySalary Services Pvt. Ltd (ESPL), its non-bank lending arm.
Saboo has been part of the organisation's leadership team for over nine years, and his promotion comes at a time when the company is strengthening its lending business through more focused leadership.
In this role, Saboo will lead efforts to scale NBFC's lending operations, enhance digital infrastructure and build tailored credit solutions for underserved customer segments.
With over two decades in financial services, he has built expertise across lending, analytics, risk, and business strategy, the company said in its press release. At ESPL, he has led several cross-functional initiatives that have contributed significantly to the company's expansion and operational efficiency, it added.
"My focus will be on driving scale with responsibility, fostering customer trust, and building agile, tech-driven financial solutions that meet the evolving needs of India's borrowers," said Saboo.
He will also focus on expanding the company's reach through strategic partnerships and integrating ESG (Environmental, Social, and Governance) principles to support sustainable, long-term growth.
"Vimal has been a driving force behind ESPL's evolution and success," said Akshay Mehrotra, co-founder and group chief executive officer of Fibe, adding "His elevation to CEO of ESPL reflects our intent to strengthen our lending business and build a leadership structure that allows sharper focus at both the group and business unit levels."
Fibe, which is operated by Pune-based Social Worth Technologies Pvt Ltd, was founded in 2015 by Mehrotra and Ashish Goyal. It offers personal loans and impact-oriented loans such as healthcare loans, edtech loans, insurance financing, and school fee financing.
Fibe's lending operations and its tech platform are housed under different entities, similar to other fintech lenders. While EarlySalary Services Pvt. Ltd, a non-banking finance company, actually disburses the loans to its clients, the tech platform is operated by the parent company Social Worth Technologies.
The company has raised equity capital from several private equity and venture capital investors in the past. In June 2024, it closed a $90 million round led by TR Capital, Amara Partners and Trifecta Capital. TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures and Chiratae Ventures also participated in the round. In 2022, Fibe raised $110 million (about Rs 879 crore) in a Series D round co-led by TPG and Norwest.
Published by HT Digital Content Services with permission from VC Circle.