PayNearby, a leading branchless banking and digital network, has announced plans to hire 300-400 employees by March 2026 as part of its national expansion strategy.
The fintech firm aims to strengthen platform capabilities, accelerate UPI adoption, and onboard 500 million users across India.
The hiring initiative aligns with PayNearby’s broader goal of adding 5 lakh retailers over the next two years, reinforcing its commitment to financial inclusion and digital accessibility.
PayNearby Expansion Strategy and Workforce Growth
PayNearby currently employs over 850 professionals and is set to increase its workforce to support its next phase of growth.
The company operates on a B2B2C model, partnering with neighborhood retail stores to provide digital and financial services to local communities.
Founder, MD, and CEO Anand Kumar Bajaj emphasized the company’s vision.
He stated, “Our growth plan remains centered on expanding our reach and impact across Bharat. In our next phase, we aim to become the third-largest UPI player in the country.”
To achieve this, PayNearby has lined up an investment of $50-60 million over the next three years through internal accruals, ensuring scalability and market penetration.
Financial Performance and Market Positioning
PayNearby has recorded 12 consecutive quarters of profitability, demonstrating strong financial performance.
In FY25, the company reported an EBITDA of ₹17 crore, with profit momentum accelerating in the last four quarters.
The firm’s distribution-as-a-service (DaaS) model is expected to deepen its presence in semi-urban and rural markets, further scaling its UPI offering to the last mile.
Impact on Digital Banking and Financial Inclusion
With a network of 13 lakh retailers, PayNearby plays a crucial role in bridging the digital divide by enabling financial transactions in underserved regions.
The company’s expansion will:
- Enhance digital banking accessibility for millions of users.
- Strengthen UPI-led adoption, making transactions seamless.
- Create employment opportunities in the fintech sector.
By hiring 300-400 new employees, PayNearby aims to bolster its operational efficiency, ensuring that its services remain scalable and impactful.
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