PayNearby plans to raise funds via IPO in FY27, says CEO Anand Kumar Bajaj

Mumbai-based fintech company PayNearby is preparing for an initial public offering (IPO) in FY27 as part of its expansion strategy, Anand Kumar Bajaj, the company’s founder, managing director and CEO, told news agency PTI.

 

“We have initiated the IPO process and talks with three merchant bankers. We will soon select a merchant banker to proceed with the process,” he said.

 

After appointing a merchant banker, the company plans to file its draft red herring prospectus (DRHP) with market regulator Sebi.

 

Founded in 2016, PayNearby provides digital financial and non-financial services through a large network of local retail outlets. Its offerings include cash deposits and withdrawals, money transfers, bill payments, insurance and digital banking — services aimed at bridging the gap between urban and rural financial access.

 

The company operates on a distribution-as-a-service (DaaS) model that enables local retail stores to deliver these services to their communities. PayNearby expects revenue to grow by 10 per cent in the ongoing financial year.

 

For FY25, PayNearby reported gross revenue of about Rs 300 crore and a net profit of Rs 12 crore. The firm said it will add 550-600 employees by the end of the current fiscal as part of its expansion plans.

 

In June, Bajaj highlighted the company’s recent financial track record, noting PayNearby has been profitable for 12 consecutive quarters. For FY25, the company reported an Ebitda of Rs 17 crore, with profitability strengthening over the past four quarters.

 

PayNearby has earmarked $50-60 million of investment over the next three years, funded through internal accruals, to expand its services and deepen its market presence.  “We aim to onboard the next 500 million citizens through our DaaS model. This will be achieved by deepening our presence in semi-urban and rural markets and scaling our UPI offering to the last mile,” he had told PTI.