New Delhi, Sept. 25 -- Advent International-backed lending startup KreditBee has appointed bankers to raise up to $120 million to boost its balance sheet in the run-up to its IPO, multiple people familiar with the matter said.

The company has mandated Nomura and ICICI Securities to lead the private fundraise, three of the people said on the condition of anonymity. Emails sent to Nomura and ICICI Securities did not elicit a response till the time of publishing. KreditBee declined to comment.

One of the three people said the round could be a mix of primary and secondary, with the latter making up only a small portion. The person added that KreditBee will likely file its IPO documents in the next calendar year.

A fourth person added that ...