PayNearby
 | |
| Private | |
| Industry | Financial technology |
| Founded | 2016 |
| Founders | Anand Kumar Bajaj and team |
Area served | India |
Key people | Anand Kumar Bajaj (Founder & CEO) |
| Products | Digital financial services, Payments, AePS, Insurance, E-commerce enablement |
| Revenue | ₹3 billion (US$35 million) (2025) |
| ₹120 million (2025) | |
| Website | paynearby |
PayNearby is an Indian financial technology company that provides digital financial and non-financial services through a network of local retail outlets. Founded in 2016, the company operates as a business-to-business-to-consumer (B2B2C) platform, enabling neighborhood shops, kirana stores, and small businesses to deliver assisted digital services such as money transfers, bill payments, Aadhaar-enabled payments, insurance, and e-commerce.[1][2]
History
PayNearby was founded in Mumbai, Maharashtra, in 2016 by fintech professionals with the aim of bridging the gap between urban and rural access to financial services. The company sought to use existing retail outlets as last-mile digital service providers, offering financial inclusion solutions in semi-urban and rural areas where access to formal banking is limited.[3]
Since its inception, PayNearby has expanded its presence across India, building a wide distribution network that includes small merchants, convenience stores, and micro-entrepreneurs. The model allows customers who may not have access to smartphones, internet banking, or proximity to bank branches to perform essential financial transactions through assisted services.[4]
Services
PayNearby provides a range of services in collaboration with banks, non-banking financial institutions, and service providers. Its offerings include:
- Domestic Money Transfer (DMT): Enables customers to send money within India through the retailer network.
- Aadhaar-enabled Payment System (AePS): Allows withdrawals, deposits, and balance inquiries using biometric authentication.
- Utility Bill Payments: Integration with Bharat Bill Payment System (BBPS) to pay electricity, gas, water, and telecom bills.
- Insurance and Mutual Funds: Distribution of micro-insurance products and investment schemes through its platform.
- Digital Payments and QR Transactions: Services for Unified Payments Interface (UPI), card payments, and QR code-based transactions.
- E-commerce Enablement: Retailers can assist customers in ordering products and services online, providing last-mile support for digital commerce.
Business Model
The company operates on a B2B2C model where retailers act as "Digital Pradhans" or digital agents. PayNearby earns revenue through transaction-based commissions and service partnerships with banks, insurance providers, and utility companies. Retailers, in turn, benefit by offering additional services and generating income from customer transactions.
Growth and Reach
As of 2025, PayNearby is reported to serve millions of customers through over 1.5 million retail touchpoints across India. The company claims to process billions of rupees in monthly transactions, with strong adoption in Tier-II and Tier-III cities. In 2025, PayNearby announced annual gross revenue of ₹3 billion (approx. US$35 million) and a profit of ₹120 million, alongside plans to launch an initial public offering (IPO).
Impact and Recognition
PayNearby has been recognized as one of the key contributors to India’s digital financial inclusion drive. Its services align with the government’s push toward a less-cash economy and the extension of financial services to unbanked and underbanked populations. Reports by business media outlets, including Reuters and The Economic Times, have highlighted its role in expanding access to payments and financial products at the grassroots level.
References
- ↑ "PayNearby plans to go public next year, CEO says". Reuters. 21 August 2025. Retrieved 26 August 2025.
- ↑ "PayNearby plans IPO next financial year: report". Inc42. 22 August 2025. Retrieved 26 August 2025.
- ↑ "PayNearby plans to go public in India by 2026". The Paypers. 25 August 2025. Retrieved 26 August 2025.
- ↑ "PayNearby plans to add 5 lakh retailers in 2 years, hire 300–400 people by March 2026". The Economic Times. 12 June 2025. Retrieved 26 August 2025.