Social Worth Technologies IPO

Strengths · 6

• 01Revenue from operations rose from Rs 771.86 crore in FY2024 to Rs 1,208.94 crore in FY2025 and Rs 1,584.55 crore in FY2026.
• 02Profit for the year before exceptional item was Rs 290.83 crore in FY2026, against Rs 113.73 crore in FY2025 and Rs 101.25 crore in FY2024.
• 03Gross stage 3 loans fell to 1.20% of gross on-book loans on 31 March 2026 from 2.90% a year earlier, and provision coverage rose to 78.59% from 68.98%.
• 04Assets under management reached Rs 8,602.74 crore on 31 March 2026, with purpose driven financing at Rs 1,945.98 crore against Rs 581.13 crore in FY2024.
• 05Loans to existing customers made up Rs 3,899.39 crore of AUM on 31 March 2026, and unique active customers rose to 12,67,379.
• 06Return on net worth improved to 14.95% in FY2026 from 8.29% in FY2025 and EBITDA reached Rs 647.78 crore.

Risks · 9

• 01Net cash used in operating activities was Rs 1,718.98 crore in FY2026, Rs 872.47 crore in FY2025 and Rs 946.68 crore in FY2024, because loan growth absorbs cash.
• 02Total borrowings rose to Rs 3,553.37 crore on 31 March 2026 from Rs 1,872.75 crore a year earlier, so funding access matters for growth.
• 03Gross stage 3 loans were Rs 63.13 crore on 31 March 2026 after Rs 93.17 crore in FY2025, and unsecured personal loans carry credit risk.
• 04New customers received 38.53% of personal loan disbursements in FY2026, which carries higher credit risk than lending to repeat borrowers.
• 05Revenue depends significantly on the lending of the material subsidiary ESPL, which must keep funding access and meet RBI capital adequacy rules.
• 06The company relies on third-party digital channels, affiliate platforms and distribution partners to acquire customers.
• 07Of the Rs 750 crore fresh issue, Rs 562.60 crore goes into ESPL, and general corporate purposes can take up to 25% of the gross proceeds.
• 08The offer for sale of up to 4,00,71,200 shares comes from investors, and the company receives nothing from it.
• 09Subsidiaries are the claimant in 794 criminal proceedings worth Rs 16.66 crore, and the company faces 3 tax proceedings worth Rs 18.61 crore.

Social Worth Technologies Limited, based in Pune, runs the Fibe platform. It is a digital consumer financing business for what the DRHP calls aspirational middle-income customers, mainly young working professionals who have had limited access to formal credit. There are no physical branches. Customer acquisition, credit checks, servicing and collections run on data analytics, AI and machine learning.

The main product is the personal loan. Customers come through organic channels, digital platforms and distribution partners. The company also offers purpose driven financing, which is credit given at the point of purchase for education, insurance, healthcare, rooftop solar, travel and e-commerce. On the same platform it sells loans against mutual funds, a co-branded credit card, gift vouchers, third-party fixed deposits, third-party insurance and credit report services.

Lending is done mainly by its material subsidiary, EarlySalary Services Private Limited (ESPL), and by co-lending partners. Total assets under management were Rs 8,602.74 crore on 31 March 2026, against Rs 5,267.86 crore a year earlier and Rs 4,064.15 crore on 31 March 2024. Personal loans made up Rs 6,656.76 crore of this and purpose driven financing Rs 1,945.98 crore. Unique active customers were 12,67,379 on 31 March 2026, up from 9,05,595 in FY2025.

Revenue comes from interest income on loans (Rs 1,023.17 crore in FY2026), processing fees on co-lending, servicing fees, late payment fees and guarantee premium income. The company reports a single segment and operates only in India. It says it has no concentration of revenue among a few customers. The company has no identifiable promoter under SEBI rules. Its largest shareholders are financial investors such as The Rise Fund III SF Pte. Ltd., Norwest Capital, LLC and Eight Roads Ventures India III LP.

The industry

The DRHP quotes the 1Lattice report on the fintech digital lending market, dated 26 June 2026. It describes India's middle-income customers as a segment with high digital adoption and structurally underserved credit demand. The report says this group is sensitive to employment trends, wage growth and inflation. It adds that younger consumers mostly need education and travel loans, while middle-aged consumers look for insurance and healthcare-linked financing. The extract does not state a market size in rupees.

Customer concentration: The company says its revenue comes from a large and granular borrower base and it has no concentration among a few customers.