India, July 23 -- 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, an...