Paytm disburses Rs. 3,665 Cr of loan in December Quarter
- ByStartupStory | January 9, 2023
One 97 Communications, Paytm’s parent company, reported a 357% YoY (Year-on-Year) growth in its lending business in the December quarter of FY2023. During the quarter, the company disbursed a total loan of Rs. 9,958 crore.
In December, the Noida-based company lent Rs. 3,665 crore out of the total amount of loan disbursed in the third quarter. The number of loans disbursed by the company in the current quarter increased by 137% year on year to 10.5 million.
At 9:50 a.m, on Bombay Stock Exchange, the company’s shares were trading 3.78% higher at Rs. 571.50. Paytm’s stock has been performing well over the last week.
Consumer engagement in the Paytm Super app reached an all-time high in the December quarter. In the quarter ended December 2022, its average monthly transacting users (MTU) increased by 32% year on year to 85 million.
In the current fiscal year’s third quarter, One 97 communications reported a loss of 588.5 crore.
The company is constantly focusing upon the expansion of its subscription services. “Number of merchants paying subscription for payment devices has reached 5.8 million as of December 2022, an addition of 1 million devices in the quarter ended December 2022″ said the digital payments and financial services company in its report.
The company saw an annual growth of 38% in its merchant payment volumes(GMV) for the quarter under review to Rs. 3.46 lakh crore. “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.” stated the company.
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