The number of merchants paying subscriptions for Paytm payment devices exceeded 5.5 million (Illustration: Rahul Awasthi)
Digital payments and financial services player Paytm’s clocked an annualised run rate for the loan distribution business at Rs 39,000 crore ($4.8 billion.) in November, the firm said in a stock exchange filing on Monday.
The value of loans disbursed grew 374% year-on-year (YoY) to Rs 6,292 crore ($774 million), while the number of loans disbursed grew 150% 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,” said the company in its exchange filing.
The number of merchants paying subscriptions for Paytm payment devices exceeded 5.5 million.
“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,” said the company.
The usage of Paytm Super App has also hit a high as the average monthly transacting users (MTU) stood at 84 million for the two months ended November 2022, up 33% YoY.
This consumer and merchant ecosystem has aided the company to record gross merchandise value (GMV) of Rs 2.28 lakh crore ($28 billion), a 37% YoY growth, during the two months.
Paytm has been in the news for its proposed buyback, which will be discussed during the company’s December 13 board meeting.