PayNearby plans to tap IPO market in next financial year to fuel expansion

Fintech firm PayNearby is planning an initial public offering (IPO) in the next financial year to boost the next phase of growth.

“We have initiated the IPO process and talks with three merchant bankers. We will soon select a merchant banker to proceed with the process,” PayNearby founder, MD and CEO Anand Kumar Bajaj told PTI.

Once the merchant banker is finalised, PayNearby will file its Draft Red Herring Prospectus (DRHP) with the capital market regulator Sebi, he added.

The company reported a gross revenue of about Rs 300 crore and earned a profit…