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Bengaluru-based KreditBee has reportedly received approval from its board to convert into a public entity as it readies for an initial public offering (IPO).
An ET report, citing sources, said that KreditBee’s board of directors approved its transition into a public limited company via a special resolution passed on June 27.
Sources further told the publication that the company also received a nod from the Reserve Bank of India (RBI) to merge group technology arm Finnovation Tech Solutions into non banking finance company (NBFC) Krazybee Services.
Inc42 has reached out to KreditBee for comments on the development. The story will be updated based on its response.
Founded in 2016 by Madhusudan Ekambaram, Vivek Veda, and Karthikeyan Krishnaswamy, KreditBee facilitates credit and other personal finance services through its NBFC Krazybee Services Private Limited.
The startup last raised $9.4 Mn from its existing investors as a part of its extended Series D funding round. In total, the company has raised $209 Mn for its Series D fundraise at a valuation around $700 Mn.
The development comes on the back of several NBFC’s looking to hit the public market.
For instance, MSME-focused NBFC Aye Finance recently received approval from market regulator SEBI for its INR 1,450 Cr IPO.
Similarly, education-focused NBFC Avanse Finance is also planning to raise INR 3,500 Cr via its IPO. The company recently onboarded former Bajaj Finserv COO Rakesh Bhatt as an independent director.
India’s public market is at a booming stage with several companies lined up to hit the bourses. While startups like Wakefit, Curefoods, Meesho, among others have already filed draft papers with the market regulator.
Several other startups are also transitioning into public entities ahead of their IPO plans.
The likes of NoPaperForms, Kissht, Razorpay and PhonePe are among the companies which recently turned into public entities.
The post KreditBee Gets Board Nod To Convert Into Public Entity: Report appeared first on Inc42 Media.
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