PayNearby, an Indian fintech firm, plans to launch an IPO in the next financial year to support its expansion, said CEO Anand Kumar Bajaj.

The company enables neighborhood retailers to offer digital financial services such as cash withdrawals, remittances, and bill payments.

PayNearby reported gross revenue of about 3 billion rupees (US$34.9 million) and a profit of 120 million rupees (US$1.44 million) for the year ended March 2025.

The firm currently works with 1.2 million retailers and plans to add 500,000 more in the next two years.

It also expects to hire up to 600 employees by the end of the current fiscal year.

India accounted for 12% of global IPO proceeds in the first half of 2025, making it the world’s second-largest IPO market after the US.

🔗 Source: The Economic Times

🧠 Food for thought

1️⃣ PayNearby’s IPO timing aligns with India’s record-breaking capital markets performance

India’s IPO market momentum provides PayNearby with favorable conditions for going public next year.

The country became the world’s second-largest IPO market after the United States in the first half of 2025, accounting for 12% of total global IPO proceeds1.

This performance comes despite broader fintech funding challenges, as India secured $889 million in fintech funding in H1 2025, representing a 26% decline from the previous period2.

However, early-stage investments actually increased by 10% to $361 million, suggesting continued investor confidence in long-term fintech growth prospects2.

PayNearby’s revenue of ₹3 billion ($34.9 million) and profit of ₹120 million positions it well within this environment where investors are focusing more selectively on profitable growth stories.

2️⃣ Retail network model offers differentiation in India’s crowded fintech landscape

PayNearby’s approach of partnering with neighborhood retailers creates a distinct competitive position in India’s fintech ecosystem.