PayNearby to Launch IPO in FY26, Eyes Growth in Digital Financial Services

According to reports, Mumbai-based fintech PayNearby intends to do an initial public offering (IPO) within the upcoming fiscal year in order to support its growth. Anand Kumar Bajaj, the CEO and managing director of PayNearby, told Reuters that the company is now choosing a merchant banker for the initial public offering (IPO) and intends to submit a draft red herring prospectus (DRHP) after that.

Merchant Expansion & Hiring Strategy

In an interview with the journal, Bajaj stated that the company has spoken with three merchant bankers and is currently choosing which to work with for the initial public offering. The process of filing the draft red herring prospectus will then start.

Bajaj added that PayNearby currently has 1.2 million shop partners and intends to add roughly 5 lakh more in the next two years. By the end of the current fiscal year, the firm also intends to add 600 staff members.

PayNearby vs. Other Fintech Giants

When it comes to financing and payments, Indian fintech behemoths like Paytm, PhonePe, and BharatPe rule the market. PayNearby, on the other hand, takes a different approach by establishing a huge network of local merchants to provide digital services.

Financial Performance in FY25

The company anticipates a 10% increase in sales for the current fiscal year. It does this by providing retail stores with financial services that allow them to provide cash withdrawal, remittance, bill payment, and other services to their local communities.

In the year that ended in March 2025, it claimed a profit of 120 million rupees and gross revenue of roughly 3 billion rupees ($34.9 million). By the end of the current fiscal year, it also hopes to have between 550 and 600 new hires.

Indian Fintech IPO Boom

The goal of many fintech majors is to go public. Pine Labs, Groww, and Razorpay are vying for their public offerings, while Kissht, a lending software startup, submitted its DRHP this week for its INR 1,000 Cr IPO.

PayNearby wants to go public at a time when a lot of tech startups are trying to list on stock exchanges. About 23 firms are in various stages of going public, and many of them have also been approved by SEBI to go public, according to various media reports. But this year, just four startups have reached the public listing stage.