Indian fintech firm PayNearby intends to launch an initial public offering (IPO) in the upcoming financial year to fund its expansion plans, Chief Executive and Managing Director Anand Kumar Bajaj said. The company, which focuses on building a wide network of neighborhood retailers to deliver digital financial services, reported gross revenue of about $34.9 million and profit of roughly $1.44 million in the year ended March 2025. It currently partners with 1.2 million retailers and intends to add another 500,000 over the next two years.
“We have met three merchant bankers and are in the process of identifying the one to go ahead with for the IPO. Then we will begin the process of filing the draft red herring prospectus,” Bajaj said in an interview. The company also plans to hire 550 to 600 employees by the end of the current fiscal year and expects revenue to grow around 10%.
India has become a significant IPO market, ranking second only to the United States in the first half of 2025 and accounting for 12% of total proceeds, according to LSEG data. Several fintech players, including Paytm, PhonePe, and BharatPe, dominate payments and lending, while PayNearby’s model provides services such as cash withdrawal, remittance, and bill payment through local retail outlets. With record sums raised in 2024 and increasing investor interest, PayNearby’s proposed listing highlights growing confidence in India’s fintech sector.