NEW DELHI: Paytm’s lending business witnessed a growth of 492% year-on-year (YoY) to 8.5 million loans in the quarter ending June 2022, while the value of loans disbursed grew 779% y-o-y to Rs 5,554 Cr. “Our lending business (in partnership with top lenders) continues to witness accelerated growth with disbursements through our platform now an annualised run rate of over Rs 24,000 crore in June.” Paytm said in a filing with the stock exchanges.
According to the company, the rapid expansion of its lending products has resulted in profits. The average ticket size also increased as a result of the expansion of the personal loans business in particular. With a YoY growth of 101%, the total merchant gross merchant value (GMV) processed through Paytm for the quarter ending June 2022 aggregated to nearly Rs 2.96 lakh crore.
The company also announced a new record in monthly transacting users, with consumer engagement reaching a high of 76 million. The average monthly transacting users (MTU) for the quarter ending June 2022 was 74.8 million, representing a 49% increase YoY. The MTU stood at 75.9 million for the month of June alone. “The Paytm Super App continues to see heightened consumer engagement for the company’s comprehensive payment offerings.” said the company in its update.
Paytm stated that it is maintaining its leadership in offline payments, having deployed 3.8 million devices at merchant stores across the country. According to the company, the high adoption of devices correlates with an increase in merchants eligible for loans through its platform. Stocks of Paytm (Listed as One 97 Communications) rose 2.84% on to Rs 718.95, up from a previous close of Rs 699.10.