PayNearby IPO: A New Chapter in Fintech Growth
PayNearby, a prominent fintech firm, is planning to tap the initial public offering (IPO) market in the next financial year. The company aims to boost its growth trajectory and expand its operations through this IPO. In an interview with PTI, PayNearby founder, MD, and CEO Anand Kumar Bajaj stated that the company has initiated the IPO process and is in talks with three merchant bankers.
IPO Process and Merchant Bankers
According to Bajaj, the company will soon select a merchant banker to proceed with the IPO process. Once the merchant banker is finalized, PayNearby will file its Draft Red Herring Prospectus (DRHP) with the capital market regulator Sebi. This marks a significant step towards the company’s IPO plans, which are expected to materialize in the next financial year.
Financial Performance and Growth Prospects
PayNearby reported a gross revenue of approximately Rs 300 crore and earned a profit of Rs 12 crore in FY25. The company’s Distribution-as-a-Service (DaaS) model has been instrumental in driving growth, leveraging retail stores to offer cash withdrawal, remittance, bill payment, and other services to local communities. PayNearby expects its revenue to grow by 10% in the current fiscal, driven by the expansion of its services and customer base.
Expansion and Recruitment Plans
As part of its expansion plans, PayNearby aims to recruit around 550-600 new employees by the end of the current fiscal year. This hiring drive is expected to support the company’s growth ambitions and enhance its operational capabilities. With a strong focus on innovation and customer satisfaction, PayNearby is poised to consolidate its position in the fintech market.
Digital Naari: Empowering Women through Financial Inclusion
PayNearby’s Digital Naari program has been creating a socio-economic impact across Tier 2 regions, semi-urban, and rural areas. The program aims to empower women by providing them with digital tools and income-generating opportunities. Launched in early 2024, Digital Naari has already onboarded over 1.5 lakh women across 10,000+ PIN codes, with each Digital Naari operating from home or her own Customer Service Point (CSP). These women offer essential services, earning a commission on each transaction and building sustainable livelihoods.
Vision and Mission
PayNearby’s vision aligns with the government’s initiative of Lakhpati Didi, which aims to promote women’s empowerment and financial inclusion. The company plans to onboard at least 20 lakh Digital Pradhans and 20 lakh Digital Naaris in the next five years, facilitating transactions worth Rs 10,000 crore annually. With over 60% of Digital Naaris being first-time entrepreneurs, earning an average of Rs 3,500 to Rs 5,000 per month, the program has been instrumental in promoting financial independence and inclusivity.
Conclusion
PayNearby’s IPO plans mark a significant milestone in the company’s growth journey. With a strong financial performance, expansion plans, and a commitment to empowering women through financial inclusion, PayNearby is poised to make a positive impact on the Indian fintech landscape. As the company prepares to tap the IPO market, investors and stakeholders will be closely watching its progress, given the immense potential for growth and innovation in the fintech sector.
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