-1.8 C
Friday, January 27, 2023

Paytm’s loan volume jumps 150% in October-November

Must read

The value of loans disbursed grew 374% YoY to Rs 6,292 crore, while the number of loans disbursed grew 150% to 6.8 million cumulative loans for the two months ended November 2022

December 12, 2022 / 08:48 AM IST

One 97 Communications Ltd, the operator of India’s largest digital payments provider Paytm, witnessed a 150 percent rise in loan volume for the October-November period from a year earlier.

“Our loan distribution business (in partnership with top lenders) continues to witness an accelerated growth with disbursements through our platform now at an annualised run rate of Rs 39,000 crore in the month of November,” the fintech major said in a stock exchange filing on December 12.

“The value of loans disbursed grew 374% YoY to Rs 6,292 crore ($774 million), while the number of loans disbursed grew 150% year-on-year (YoY) to 6.8 million cumulative loans for the two months ended November 2022. We see a significant growth runway given low current penetration, while we continue to work with our partners to remain focused on the quality of the book,” it added.

Also Read: Paytm board to decide on share buyback on December 13

The total merchant GMV processed through Paytm for the two months ended November 2022 aggregated to Rs 2.28 lakh crore ($28 billion), marking a YoY growth of 37 percent. “Our focus over the past few quarters continues to be on payment volumes that generate profitability for us, either through net payments margin or from direct upsell potential,” the company said.

Paytm added 3.9 million subscribers YoY for the merchant payment devices in November 2022. The company boasts of over 5.5 million merchants now paying subscription for payment devices. “With our subscription as a service model, the strong adoption of devices drives higher payment volumes and subscription revenues, while increasing the funnel for our merchant loan distribution,” it said.

The company also witnessed robust growth in monthly transacting users (MTU). The Paytm Super App saw growing consumer engagement with the average MTU for the two months ended November 2022 at 84 million, registering a growth of 33 percent YoY.

Shares of Paytm settled at Rs 545.00 apiece on the BSE on Friday, up 7.2 percent, while the benchmark Sensex closed 389.01 points or 0.62 percent lower at 62,181.67.

Source link

- Advertisement -

More articles


Please enter your comment!
Please enter your name here

- Advertisement -

Latest article