IPO · Financial Services

Fibe leads second wave of fintech IPOs

By Startup Enthusiast · 29 July 2026

What they do

Fibe filed draft IPO papers with SEBI, reporting operating revenue of ₹1,585 crore and net profit of ₹257 crore for FY26

Moneyview received SEBI approval for a ₹1,500 crore fresh issue, while Navi, KreditBee, and PhoneEye are also preparing for public listings

Investors now demand profitability and sustainable earnings, not just growth

A second wave of Indian fintech companies is preparing to go public through initial public offerings (IPOs).
The first wave, including Paytm and PB Fintech, listed about five years ago and received a muted response.
India now has over 60 listed startups.
Public market expectations have shifted from growth at any cost to sustainable profitability.
Fibe has filed draft IPO papers with the Securities and Exchange Board of India (SEBI).
Moneyview has received SEBI approval for its IPO.
Navi is expected to file its draft red herring prospectus (DRHP) by the March quarter.
KreditBee is laying groundwork for a public listing.
PhonePe is expected to revive its IPO plans when market conditions improve.

The first wave validated that digital distribution could disrupt financial services.
The second wave is about proving digital distribution can compound profitably.
Fintechs that deferred IPOs in the 2022-23 correction spent intervening years tightening costs and improving unit economics.
The regulatory environment, including RBI oversight on digital lending, has weeded out weaker models.
Companies heading to public markets have spent the past three years adapting to regulatory changes.

Indian fintech companies offer digital financial services including lending, payments, insurance, and wealth management.
Fibe provides digital lending and reported operating revenue of ₹1,585 crore in FY26.
Moneyview evolved from personal loans into credit cards and insurance distribution.
Navi expanded from consumer lending into mutual funds, insurance, and UPI.
PhonePe earns from insurance, lending, stockbroking, account aggregation, and merchant services.