KreditBee to merge entities ahead of IPO

The lending startup has paid around $100 mn in tax to flip back to India

- Sneha Shah & Ranjani Raghavan

Advent International-backed lending startup KreditBee is merging its two India entities as it prepares for a local listing next year, two people with knowledge of the development said.

The move comes after the Bengaluru-based startup shifted its domicile to India after dissolving its Singapore parent, these people said.

KreditBee has paid around $100 million in tax to move its headquarters to India, the second of the two persons cited earlier said, both of whom spoke on the condition of anonymity.

"Finnovation Tech. and KrazyBee, the two Indian entities having mirror shareholdings, are getting merged. This is in line with the preparation that needs to be done ahead of listing in India," the first person said.