PayNearby—The IPO That Could Elevate Digital Inclusion and Retail Banking

As someone navigating India’s fintech and investing ecosystem, I find PayNearby’s decision to pursue an IPO next financial year a compelling development. CEO Anand Kumar Bajaj confirmed the company is evaluating prospective merchant bankers and getting ready to file its draft red herring prospectus (DRHP) in due course.

What’s particularly noteworthy is how PayNearby's business is structured. Unlike giants like Paytm, PhonePe, and BharatPe, PayNearby has leaned into a branchless banking strategy via local retailers, offering services such as cash withdrawals, remittances, and bill payments directly through trusted neighborhood touchpoints. Their business model directly targets financial inclusion, not just urban digital adoption.

Financially, the company reported ₹3 billion (~$35 million) in gross revenue and a ₹120 million (~$1.4 million) profit by the end of March 2025—ambitious for a growth-era fintech firm. Further expansion plans include adding 500,000 more retailers over the next two years and increasing its headcount by 550–600 by year-end—moves clearly designed to drive penetration and market depth.

Given how active the IPO market has become in India—with the country capturing about 12% of global IPO proceeds in H1 2025—PayNearby’s exit looks well-timed. A public listing could provide capital not just for scale, but for deeper engagement in bridging urban-digital solutions with offline-first India. For investors looking at high-impact fintech plays built on inclusion and proven revenues, PayNearby is shaping up to be a standout opportunity.