Paytm disbursed 40 Lakh loans in February, an increase of 86% YoY
The fintech company said it added 3 Lakh merchants to its subscription plans for payment devices in February
Average monthly transacting users stood at 8.9 Cr in the first two months of March 2023 quarter, up 28% YoY
Paytm’s loan distribution business continued to grow in scale as the fintech giant disbursed 40 Lakh loans worth INR 4,158 Cr in the month of February.
In its monthly operational update filed with the stock exchanges, Paytm said that the value of loans and the number of loans disbursed by it rose 254% and 86% year-on-year (YoY), respectively, in February.
The fintech giant disbursed 38.65 Lakh loans worth INR 3,928 Cr in January 2023.
Merchant payments volume also saw steady growth. The total merchant gross merchandise volume (GMV) stood at INR 2.34 Lakh Cr during January and February, registering a YoY growth of 41%.
In January, Paytm’s merchant GMV rose 44% to INR 1.2 lakh Cr from INR 83,000 Cr in the corresponding month of 2022. In Q3 FY23, merchant GMV rose 38% to INR 3.46 Lakh Cr from INR 2.5 Lakh Cr in the year-ago quarter.
Meanwhile, the platform continued to see an increase in its average monthly transacting users (MTU). The company said that its average MTU stood at 8.9 Cr in the first two months of March 2023 quarter, up 28% YoY.
On similar lines, deployment of payment devices also continued to see an upswing. Paytm accounted for 64 Lakh merchants who paid subscription for its payment devices, including soundboxes.
“We continue to strengthen our leadership in offline payments, with 6.4 Mn merchants now paying subscription for payment devices, an increase of 0.3 Mn in the month of February 2023,” the company said.
“With our subscription as a service model, the strong adoption of devices drives subscription revenues and higher payment volumes, while increasing the funnel for our merchant loan distribution,” it added.
The Vijay Shekhar Sharma-led company’s net loss halved YoY to INR 392 Cr in Q3 FY23, while revenue from operations surged 41% to INR 2,062 Cr. Paytm also claimed that it achieved EBITDA profitability before ESOP costs during the December 2022 quarter.
Paytm took the third spot in UPI transactions in the month of February, processing 113.7 Cr transactions (15.1% of the total) worth INR 1.36 Lakh Cr. The fintech player accounted for 11% of the total value of UPI transactions.
Shares of Paytm ended Monday’s session 2.06% lower at INR 580.90 on the BSE amid a decline in the broader Indian equities market.
