Digital lending company Fibe has raised Rs 225 crore (around $25 million) through debt financing from several institutional investors including Franklin Templeton Alternative Investments Fund India.

As part of the fundraise, Fibe issued 22,500 non-convertible debentures (NCDs), each carrying a face value of Rs 1 lakh. 

Fibe, formerly known as EarlySalary, will use the fresh capital to strengthen and expand the platform's lending capabilities.

Established in 2015 by co-founders Akshay Mehrotra and Ashish Goyal, Fibe focuses on providing financial solutions to India's employed workforce through both short-duration and extended-term loan products. 

Prior to launching Fibe, Mehrotra and Goyal held executive positions at Bajaj Allianz Life Insurance.

The platform facilitates borrowing amounts ranging from Rs 5,000 to Rs 5 lakh across multiple lending categories.

The company's service portfolio encompasses instant cash advances, personal financing, buy-now-pay-later arrangements, and immediate salary advance options for working professionals.

Last month, Fibe was raising Rs 300 crore from International Finance Corp (IFC), the investment arm of World Bank.

In June last year, Fibe had raised $90 million as part of its Series E funding round led by private equity firms TR Capital and Amara Partners as well as Trifecta Capital.

Fibe operates in India's competitive digital lending ecosystem alongside established players including PaySense, ZestMoney, Daily Salary, and Refyne.