PayNearby's Ambitious Expansion: 5 Lakh Retailers and 500 Million Users in Two Years

PayNearby aims to significantly expand its national reach by adding 5 lakh retailers and onboarding 500 million users over two years. The company plans to invest USD 50-60 million and hire 300-400 new team members to enhance its UPI services, focusing on semi-urban and rural markets.

PayNearby, a rapid-growing branchless banking and digital network firm, announced an ambitious plan to expand its national footprint over the next two years. The company aims to onboard 5 lakh retailers while hiring an additional 300 to 400 team members by March 2026 to facilitate this expansion.

Founder, MD, and CEO, Anand Kumar Bajaj emphasized the company's focus on strengthening platform capabilities and accelerating the adoption of UPI services across India. The fintech firm, already employing over 850 people, aims to become the third-largest UPI player in the country.

PayNearby, operating on a B2B2C model, is set to invest USD 50-60 million over the next three years to scale its market presence through internal accruals. The focus is on leveraging its vast network of 13 lakh retailers to provide digital and financial services, particularly in semi-urban and rural markets.

(With inputs from agencies.)