PayNearby, built on a network of 1.2M neighborhood retailers driving financial inclusion, is gearing up for a 2026 IPO as India’s fintech market reaches new heights.
Indian fintech firm PayNearby is preparing for a public listing in 2026, having reportedly met with three merchant bankers and getting ready to begin the draft red herring prospectus (DRHP) process after selecting one.
Unlike major local fintech players such as Paytm, PhonePe, or BharatPe, PayNearby has built its model around 1.2 million neighborhood retailers who deliver essential services like cash withdrawals, remittances, and bill payments. This phygital hybrid approach allows millions of underserved Indians to access banking and payments through familiar local shops, helping to close persistent gaps in financial inclusion.
The company reported gross revenue of ₹3 billion ($34.9 million) and a profit of ₹120 million ($1.44 million) for the fiscal year ended March 2025. To support further growth, PayNearby plans to add 500,000 more retail partners over the next two years and increase its workforce by 600 employees by March 2026.
PayNearby’s IPO comes at a time when India is emerging as a global capital markets hub. In the first half of 2025, the country accounted for 12% of global IPO proceeds, making it the world’s second-largest IPO market after the United States. While overall fintech funding in India fell 26% in the same period, early-stage investments rose 10%, reflecting long-term confidence in the sector.
By expanding its retail network, PayNearby is positioning itself as a key player in bridging digital finance and everyday access. As UPI transactions continue to soar, reaching ₹23.6 lakh crore ($283 billion) in April 2025, the company’s local touchpoints ensure that digital adoption is matched with the cash-out and service infrastructure needed in smaller towns and rural areas.
With its IPO plans aligned to both India’s market momentum and its own financial inclusion mission, PayNearby is aiming to solidify its role as a distinct force in the country’s crowded fintech landscape.
