One97 Communications said Paytm’s lending business recorded an annualized disbursement rate of Rs 20,000 crore through its platform, and its device rollout passed the 3 million mark.
The company, in a regulatory filing, updated its trading performance for the month of April and said it started the fiscal year on a strong footing. Its lending business saw a total disbursement of 2.6 million loans during the month (449% year-on-year growth). This represents a total loan value of Rs 1,657 crore ($221 million) during the quarter (749% year-on-year growth).
Offline payment activity accelerated, with the total number of devices deployed jumping to 3.2 million, including 0.3 million devices deployed in April 2022.
User engagement on Paytm Super App continued to grow, with 73.5 million monthly users transacting (MTU) in April 2022, up 44% year-over-year. Paytm reported a 102% year-on-year increase in merchant payment volumes (GMV) for the month to Rs 0.95 lakh crore ($12.7 billion)
“Our lending business (in partnership with top lenders) continues to grow at a rapid pace. The number of loans disbursed through our platform increased by 449% YoY to reach 2.6 million loans in April 2022, while the value of loans disbursed increased by 749% YoY to reach Rs 1,657 Cr ( $221 million), an annualized rate of around Rs. 20,000 crores. We are also seeing an increase in the average ticket size due to the surge in personal loan business in particular,” the company said in the filing.
The company also said it continued to maintain its stronghold in the offline payments space with the deployment of 3.2 million devices in stores, with an average deployment rate of 300,000 per month. “We expect this growth to contribute to an increase in the number of merchants eligible for loans,” the statement said.