Digital payments platform Paytm posted a 418 percent year-on-year growth in loans disbursed in October, the company said in a regulatory filing on November 21.
“The October 2021 month saw a continued increase in adoption across our different financial services products. The lending business continued to show very strong growth as a result of rapid scale-up of all of our lending products, including Postpaid, consumer loans and merchant loans,” it said.
“Our financial institution partners disbursed a total of 1.3 million loans in October 2021 aggregating to a total disbursal of INR 6,270 million ($84 million), implying a 472% increase in numbers of loans disbursed Y-o-Y and 418% increase in value of loans disbursed Y-o-Y,” the regulatory filing noted.
The company also mentioned that the Board of Directors of — One 97 Communications Limited, under which the brand Paytm operates, will meet on November 27 to discuss the quarterly financial results. After which the company will release the July-September quarter earnings.
Paytm also said that in October month, the gross merchandise value (GMV) increased by 131 percent YoY, amounting to approximately Rs 832 billion ($11.2 billion).
“Our monthly transacting users (MTU) have consistently grown in FY2021 and in the first two quarters of FY 2022 and the trajectory has continued in October 2021 with 63 million MTUs, growth of 35% Y-o-Y over the 47 million MTUs in October 2020,” it said.
The total number of devices deployed throughout Paytm’s merchant base has grown from 0.9 million on June 30, 2021, to roughly 1.3 million on September 30, 2021, and to “about 1.4 million on October 31, 2021,” according to the firm.
The total number of devices installed throughout Paytm’s merchant base saw a growth of 0.9 million on June 30, 2021, to roughly 1.3 million on September 30, 2021, and to “about 1.4 million on October 31, 2021,” according to the firm.
Earlier this week, Paytm debuted on the stock market, but it fell 27% on the very day, to close at Rs 1,560 apiece on November 18.