New Delhi, Sep 28 (PTI) 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 of 12 crore in FY25.

The company's Distribution-as-a-Service (DaaS) model leverages retail stores, enabling them to offer cash withdrawal, remittance, bill payment and other services to their local communities, and

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