Digital payments giant Paytm hit a new loan origination milestone in the first quarter of fiscal 2022-23, reporting 492% growth in loan disbursements for the quarter.
That adds up to total loan value of £5,554 million ($703 million) in the quarter, up 779% year-on-year, according to the company in a regulatory filing.
The fintech reported a 101% year-over-year increase in merchant payment volume (GMV) to 2.96 lakh crore ($37 billion) in the quarter ended June 2022.
“Our lending business (in partnership with top lenders) continues to experience accelerated growth with disbursements through our platform now at an annual run rate in excess of 24,000 crore in June,” the company says. “The rapid growth of our lending products brings us an attractive profit pool. We are also seeing an increase in average ticket size, particularly due to the expansion of the personal lending business,” it adds.
The Paytm Super App continues to see increased consumer engagement with its payment offerings. “We continue to hit new records in user engagement, with the average monthly user transaction count (MTU) for the quarter ended June 2022 was 74.8 million, representing a 49% year-over-year growth. For the month of June alone, the MTU was 75.9 million,” according to the company.
“We continue to extend our leadership in offline payments by deploying 3.8 million devices in merchant stores nationwide. The strong adoption of devices is also related to the increase in merchants eligible for credit from our platform,” the fintech adds.
Shares of One 97 Communications, Paytm’s parent company, rose 1.55% to ₹709.60 on the BSE on Monday after the payments solutions company reported a strong operating performance for the first three months of the current fiscal year.
