PayNearby, a fintech company based in India, plans to launch an IPO in the next financial year.

The company is in discussions with three merchant bankers and expects to select one soon, said founder Anand Kumar Bajaj.

PayNearby will file its draft prospectus with India’s market regulator Sebi after finalizing its banker.

The company reported gross revenue of about 300 crore rupee (US$33.80 million) and a profit of 12 crore rupee (US$1.35 million) for FY25.

PayNearby uses a distribution-as-a-service model to help retail stores offer financial services such as cash withdrawal, remittance, and bill payments.

The firm expects revenue to rise by 10% in the current fiscal and plans to hire around 550 to 600 new employees.

PayNearby said its Digital Naari program, launched in early 2024, has onboarded over 150,000 women to provide financial and digital services in rural and semi-urban areas.

The company claims these women facilitate transactions worth 10,000 crore rupee (US$1.12 billion) annually.

🔗 Source: The Economic Times