Fibe's IPO filing decoded: the DRHP of Social Worth Technologies, page by page

Social Worth Technologies Limited (brand: Fibe) is a digital lender based in Pune. It was incorporated on 24 October 2015 (page 4) and was founded by Akshay Mehrotra, managing director and group CEO, and Ashish Sohan Goyal, chairperson and group CFO (page 193). It sells personal loans and "purpose driven financing", meaning loans offered at the point of purchase for education, insurance, healthcare, rooftop solar, travel and e-commerce (pages 179 and 180). Personal loans were 77.38% of its total assets under management (AUM, the loans it sources or services that are less than 181 days overdue) on 31 March 2026 (page 180). The loans are made mainly by a subsidiary, EarlySalary Services Private Limited, a non-banking finance company registered with the RBI (page 39). The filing counts 1,267,379 unique active customers at 31 March 2026 (page 135).

• Filing: Draft Red Herring Prospectus (DRHP) dated 29 June 2026, a 100% book-built offer (page 4). A draft abridged prospectus, a shorter summary of it, was filed with it.
• Fresh issue: up to ₹750 crore (₹7,500 million) of new shares; the share count is blank (page 66).
• Offer for sale (existing holders sell): up to 40,071,200 shares of face value ₹5; the rupee value and the total offer size are blank (pages 1 and 66).
• Selling shareholders and shares: The Rise Fund III SF Pte. Ltd. 11,713,600; Norwest Capital, LLC 6,738,400; Eight Roads Ventures India III LP 6,556,000; Piramal Finance Limited 3,558,400; Kariba Holdings V Mauritius II 2,980,800; IDG Ventures India Fund III LLC 2,496,800; Sabre Investment Consultants LLP 2,017,600; Chiratae Trust 1,440,800; Galaxystar Ground Pte. Ltd. 1,312,800; M/s Utkarsh 1,256,000 (page 1). StopDown's sum of the ten is 40,071,200.
• Pre-IPO placement (a private sale before the IPO): up to ₹150 crore (₹1,500 million), no more than 20% of the fresh issue; if done, it reduces the fresh issue (page 3). StopDown's arithmetic: ₹150 crore is 20% of ₹750 crore.
• Route: Regulation 6(1) of SEBI's ICDR regulations (page 1). Proposed listing: BSE and NSE. Book running lead managers: Kotak Mahindra Capital, Axis Capital, DAM Capital and JM Financial (page 2).
• Still blank: price band, bid dates, anchor date and employee reservation (pages 3 and 66).

Figures are restated (past accounts redone on one basis) and consolidated, for years ending 31 March. FY26 means April 2025 to March 2026. The filing gives rupees in millions; StopDown converts to crore (10 million = 1 crore). For a lender, the filing's revenue from operations is mainly interest on loans plus fees (page 268).

• FY26: revenue from operations ₹1,584.55 crore (₹15,845.48 million), of which interest on loans ₹1,023.17 crore; total income ₹1,601.47 crore; profit ₹257.47 crore (₹2,574.65 million) (page 268).
• FY25: revenue ₹1,208.94 crore, interest on loans ₹767.20 crore, total income ₹1,224.86 crore, profit ₹113.73 crore (page 268).
• FY24: revenue ₹771.86 crore, interest on loans ₹472.13 crore, total income ₹780.09 crore, profit ₹101.25 crore (page 268).
• StopDown's arithmetic: FY26 revenue is 31% above FY25.
• FY26 profit is after an exceptional item of ₹33.36 crore (₹333.60 million): tax the company paid on behalf of the founders on share options they exercised (pages 268 and 313). Before it, FY26 profit was ₹290.83 crore (page 268).
• Net interest income on loans (interest earned less interest cost on borrowings): ₹734.90 crore in FY26, ₹573.48 crore in FY25, ₹347.70 crore in FY24; net interest margin 17.38%, 20.85% and 19.58% (page 35).
• AUM: ₹8,602.74 crore at 31 March 2026, ₹5,267.86 crore in 2025, ₹4,064.15 crore in 2024; disbursements ₹15,737.96 crore in FY26 (page 135).
• Asset quality: gross stage 3 loans (90 days or more overdue) 1.20% of loans at March 2026, against 2.90% and 1.95% a year and two years earlier; net stage 3 0.26%, 0.92% and 0.62%; provision coverage 78.59% in FY26 (page 135).
• Borrowings: ₹3,553.37 crore at March 2026, against ₹1,872.75 crore a year earlier; net worth ₹2,185.81 crore (page 135).
• Operating cash flow was negative in all three years, minus ₹1,718.98 crore in FY26 (page 42).

• Investing in subsidiary EarlySalary Services to raise its capital for lending: ₹562.60 crore (₹5,626 million), planned as ₹400 crore in FY27 and ₹162.60 crore in FY28 (page 123).
• General corporate purposes: amount blank, capped at 25% of gross proceeds (page 123).
• StopDown's arithmetic: the subsidiary line is about 75% of the ₹750 crore fresh issue.
• The company receives nothing from the offer for sale; the selling shareholders do (page 122).

The filing says there is no identifiable promoter, so no promoter group is listed (page 260). The table below is fully diluted (preference shares counted as converted) and uses a holdings statement dated 26 June 2026. The company had 51 shareholders (page 110).

• The Rise Fund III SF 23.26%, the only holder above 15%, with the right to nominate one director (pages 110 and 260).
• Norwest Capital 13.38%; Eight Roads Ventures India III 13.02%; Piramal Finance 7.06%; Kariba Holdings V Mauritius II 5.92% (page 110).
• Social Worth Tech India LLP 5.89%; International Finance Corporation 5.31%; the employee stock option trust 4.82% (page 110).
• Founders: Akshay Mehrotra 2.10% and Ashish Sohan Goyal 1.75% (page 110).
• Who sells: the ten holders above, together up to 40,071,200 shares. StopDown's arithmetic: Rise Fund's 11,713,600 is about 14.9% of its 78,608,800 shares.

These are in StopDown's words, from the filing's numbered risk factors. The litigation section (page 371) lists no criminal, regulatory or material civil proceedings against the company, its directors or the subsidiary. It does disclose two pending compounding applications (requests to settle a breach for a fee): one to the Registrar of Companies dated 16 June 2026 and one to the RBI dated 17 June 2026.

• Risk factor 3 (page 33): 38.53% of personal loan value in FY26 went to first-time borrowers, up from 29.23% in FY24, and such borrowers may default more.
• Risk factor 6 (page 35): most revenue comes from the subsidiary's lending, which needs steady funding on workable terms.
• Risk factor 11 (pages 39 and 40): the business rests on the subsidiary's RBI licence; an RBI inspection led to a ₹0.32 million penalty and observations on customer servicing.
• Risk factor 17 (pages 41 and 42): operating cash flow has been negative in each of the last three years because loan growth is funded by borrowing.
• Risk factor 35 (page 50): foreign-investment filings were late, the company paid a ₹0.26 million fee in 2023, and the RBI application of June 2026 is pending.

Usual steps, with timings typical as of November 2026. SEBI reviews the DRHP and issues observations; the company then files a Red Herring Prospectus (RHP) with the price band and dates. Anchor investors, large institutions, bid one working day before opening (page 3). Bidding usually runs three working days, and shares usually list within three working days of closing. An IPO normally has to open within a year of SEBI's observations.

Status on 14 November 2026: The Economic Times and CIOL reported SEBI's approval on 15 September 2026. Searches on 14 November found no RHP, price band or dates; listings on broker sites say to be announced, though some pages are undated. The filing states no price band. The explainers linked below cover each step.

This guide reads a filing; it is not investment advice.

• The filing: Social Worth Technologies Limited, Draft Red Herring Prospectus dated 29 June 2026, with its draft abridged prospectus, as filed with SEBI (StopDown's local copies of the PDFs; the download address was not recorded).
• Page convention: page N is the Nth page of the DRHP PDF. The printed number is 7 lower (PDF page 193 is printed 186; checked on pages 30, 100 and 371). The abridged prospectus has fewer pages and was used only as a cross-check; its litigation table, board list and top-ten holders differ from the DRHP, so the DRHP governs.
• Status: The Economic Times, 'Fibe gets SEBI approval for Rs 750 crore IPO', 15 September 2026, economictimes.indiatimes.com
• Status: CIOL, 'Fibe gets SEBI nod for 750 crore IPO', 15 September 2026, ciol.com
• Status check: Bigul, Fibe IPO page (undated), bigul.co