PayNearby is planning for an initial public offering in the next financial year to fuel its expansion
The startup is in the process of finalising a merchant banker for the IPO, after which it plans to file its DRHP
The startup also plans to hire 600 employees by the end of the current fiscal year
Mumbai-based fintech PayNearby is reportedly planning for an initial public offering (IPO) in the next financial year to fuel its expansion.
Chief executive and managing director at PayNearby Anand Kumar Bajaj told Reuters that the startup is in the process of finalising a merchant banker for the IPO, after which it plans to file a draft red herring prospectus (DRHP).
“We have met three merchant bankers and are in the process of identifying the one to go ahead with for the IPO. Then we will begin the process of filing the draft red herring prospectus,” Bajaj told the publication in an interview.
Inc42 has reached out to Bajaj for comments on the development. The story will be updated upon receiving responses.
Bajaj further said that presently, PayNearby has 1.2 Mn retail partners and plans to add about 5 Lakh more over the coming two years. The startup also plans to hire 600 employees by the end of the current fiscal year.
Founded in 2016 by Bajaj, Yashwant Lodha Subhash Kumar, PayNearby offers digital financial services to local and neighborhood retail shop owners which includes cash withdrawal, remittance, bill payments, deposits, and insurance.
On the financial front, the startup’s standalone revenue from operations declined 4% to INR 355 Cr in the financial year ended March 31, 2024 (FY24) from INR 368 Cr in the previous fiscal year.
Meanwhile, profits also contracted 25% to INR 1.5 Cr during the period under review from INR 2 Cr in FY23. It is yet to file its FY25 financial statement.
Many fintech majors are aiming for their public listing. Lending tech startup Kissht filed its DRHP this week for its INR 1,000 Cr IPOwhile Pine Labs, Groww and Razorpay are in the race for their public offering.
PayNearby is aiming for its public listing at a time when many new-age tech companies are looking to get listed on the bourses. According to Inc42’s IPO tracker, about 23 startups are in different phases of getting listedwhile many have also received a nod from the SEBI for their public listing. However, only four startups have made it to public listing this year.
