What’s the story
Fintech firm PayNearby has announced its intention to launch an initial public offering (IPO) in the next financial year.
The company’s founder, MD, and CEO Anand Kumar Bajaj confirmed the development while speaking to 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.
Financial performance and growth expectations
PayNearby has reported a gross revenue of around ₹300 crore and a profit of ₹12 crore in FY25.
The company operates on a Distribution-as-a-Service (DaaS) model that leverages retail stores to provide cash withdrawal, remittance, bill payment, and other services to local communities.
Bajaj said they expect their revenue to grow by 10% in the current fiscal year as part of their expansion plans.
Plans to hire 550-600 new employees
As part of its expansion, PayNearby plans to hire around 550-600 new employees by the end of the current fiscal year.
The company also runs a program called Digital Naari, which aims to empower women in Tier 2 regions, semi-urban and rural areas.
“The program’s mission is to build grassroots community influencers who drive awareness and improve access to essential services like banking,” Bajaj said.
Digital Naari program’s progress
The Digital Naari program was launched in early 2024 to uplift rural and semi-urban women by providing them with digital tools for income-generating opportunities.
To date, over 1.5 lakh women across more than 10,000 PIN codes have been onboarded under this initiative.
Each Digital Naari operates from home or her own Customer Service Point (CSP), offering essential services and earning a commission on each transaction.