Profitable fintechs lead India’s next IPO wave, with Fibe among key contenders

India’s next fintech IPO cohort is being judged on profits, lending quality and governance. Fibe reported FY26 operating revenue of ₹1,585 crore, net profit of ₹257 crore and AUM of ₹8,603 crore, while Moneyview, Navi, KreditBee and PhonePe advance listing plans.

— Source publishedWed, 29 Jul, 2026, 18:09 IST·First seen Wed, 29 Jul, 2026, 18:30 IST·Source Inc42 · Buzz

What happened

Indian fintechs including Fibe, Moneyview, Navi, KreditBee and PhonePe are preparing for IPOs as public-market investors shift toward profitability, durable

Key facts

  • More than 60 listed startups in India
  • Fibe operating revenue rose 31% to ₹1,585 Cr in FY26
  • Fibe net profit more than doubled to ₹257 Cr in FY26
  • Fibe AUM was ₹8,603 Cr in FY26
  • Moneyview IPO includes a ₹1,500 Cr fresh issue

Why this matters

Strategic buyers should assess partnerships or acquisitions among IPO-ready fintechs through the lens of underwriting capabilities, compliant data access and durable unit economics, as public-market scrutiny raises the bar.

What to watch

  • Fibe's DRHP filing, IPO structure, use of proceeds and disclosed GNPA, NNPA, credit-cost and borrowing-cost trends.
  • Navi, KreditBee, Moneyview and PhonePe filing timelines, valuation expectations and anchor-investor demand.
  • RBI actions on unsecured consumer lending, digital-lending rules, provisioning, FLDG arrangements and NBFC capital requirements.
  • Quarterly delinquency and write-off trends across Indian unsecured personal-loan and BNPL cohorts.
  • Listed NBFC and fintech valuation multiples, especially price-to-book, ROA, ROE and post-IPO trading performance.
  • Movement in policy rates, bank funding spreads and securitisation/co-lending market liquidity.
  • Evidence of governance stress, auditor qualifications, related-party issues, collection-practice complaints or data-security incidents.
  • Accelerate IPO-ready governance: independent directors, related-party disclosures, audit controls and clear founder-shareholding structures.
  • Emphasize cohort-level asset quality, collection efficiency, credit-cost trends and loan seasoning in investor materials.
  • Reduce dependence on high-cost debt by diversifying bank lines, securitisation, co-lending and retail funding where permitted.
  • Shift growth toward lower-risk repeat borrowers, secured or employer-linked products, and tighter risk-based pricing.
  • Use profitability evidence to negotiate valuation, but retain flexibility on timing and issue size if comparable listed NBFC-fintech multiples weaken.
  • Prepare for public-market scrutiny of data privacy, digital-lending compliance, recovery practices and algorithmic underwriting fairness.

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