Mumbai-based fintech PayNearby is set to tap India’s public markets with plans to launch its much-awaited IPO next year. India is emerging as one of the hottest IPO destinations, with record sums raised in 2024 and early 2025.
PayNearby IPO Plans
Chief Executive and Managing Director Anand Kumar Bajaj confirmed that the company is finalising the merchant banker, a crucial step before filing the draft red herring prospectus (DRHP). “We have met three merchant bankers and are in the process of identifying the one to go ahead with for the IPO,” Bajaj said in recent interviews.
Once the selection is made, PayNearby will start the IPO process, joining the growing list of Indian fintechs going public.
Business Model: Retail-First Approach
Unlike peers like Paytm, PhonePe and BharatPe that focus on digital payments and lending, PayNearby has carved out a niche for itself. Its model is around empowering neighborhood retailers to act as last-mile financial service providers. Through its platform, shop owners can offer:
- Cash withdrawals
- Remittance services
- Utility bill payments
- Deposits and insurance products
PayNearby has partnered with 1.2 million retailers across India and plans to add 5,00,000 more in the next two years. This hybrid physical-digital network addresses India’s cash dependence while bridging financial inclusion gaps in underserved areas.
PayNearBy IPO: Financials
The company’s financials are a mixed bag but improving:
- FY24 (March 2024):
- Revenue: INR 355 crore (down 4% YoY from INR 368 crore)
- Profit: INR 1.5 crore (down 25% YoY from INR 2 crore)
- FY25 (March 2025):
- Gross Revenue: ~INR 300 crore (USD 34.9 million)
- Profit: INR 12 crore (USD 1.44 million)
The FY25 numbers show a strong recovery from FY24 and operational efficiencies starting to kick in. The company also expects 10% revenue growth this year. PayNearby will add 550-600 people this year.
PayNearBy IPO Timing
PayNearby’s 2026 listing coincides with India’s IPO boom. India was the second-largest IPO market after the US in H1 2025 and accounted for 12% of global IPO proceeds, according to LSEG data.
This is a good time for fintech listings. While overall fintech funding fell 26% in H1 2025, early stage investments grew 10% indicating sustained investor interest in profitable, scalable models—a category PayNearby is increasingly fitting into.
Competitive Landscape
PayNearby will list alongside a bunch of fintech aspirants. Lending startup Kissht has filed for a INR 1,000 crore IPO while biggies like Pine Labs, Groww and Razorpay are also gearing up for their public listing.
But PayNearby’s retail focused model is different. By being embedded into India’s physical retail ecosystem, the company solves problems that digital only models can’t— cash out infrastructure as UPI transactions reached INR 23.6 lakh crore in April 2025 alone.
Outlook
As India’s fintech market is expected to grow from USD 155.67 billion in 2025 to nearly USD 1 trillion by 2032, PayNearby IPO is a bet on financial inclusion and hybrid models that blend digital convenience with physical access.
For investors, the company’s profitability turnaround, huge retail network and growth strategy is an attractive proposition even as the IPO pipeline gets crowded.
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