PayNearby plans to add 5 lakh retailers in 2 years, hire 300-400 people by March 2026

Mumbai: Branchless banking and digital network PayNearby on Thursday said it plans to expand its national footprint by adding 5 lakh retailers over the next two years.

The company also plans to hire an additional 300 to 400 team members by March 2026 to support the next phase of growth, PayNearby Founder, MD and CEO, Anand Kumar Bajaj said.

The fintech firm employs more than 850 people as of March 31, 2025.

"The company is focusing on strengthening platform capabilities, expanding reach, and accelerating UPI-led adoption aimed at onboarding 500 million users across India," Bajaj said.

PayNearby plans to further expand its national footprint by adding 5 lakh retailers over the next two years, the official said.

"Our growth plan remains centred on expanding our reach and impact across Bharat. In our next phase, we aim to become the third-largest UPI player in the country," Bajaj said.

On financial performance, he said the company has recorded 12 consecutive quarters of profitability, underscoring a sustained period of strong performance. In FY25, the company reported an EBITDA of Rs 17 crore, with profit momentum accelerating in the last four quarters, he added.

PayNearby has lined up an investment of USD 50-60 million over the next three years through internal accruals to scale its offerings and deepen its market presence.

"We aim to onboard the next 500 million citizens through our distribution-as-a-service (DaaS) model. This will be achieved by deepening our presence in semi-urban and rural markets and scaling our UPI offering to the last mile," he added.

PayNearby operates on a B2B2C model and partners with neighbourhood retail stores to enable them with tools to provide digital and financial services to local communities. It claims to have a network of 13 lakh retailers.