Digital payments and financial services company Paytm said on Sunday its lending business saw a 449% increase in the number of loans disbursed in April and the business now had an annualized run rate of Rs 20,000 crore .
In a stock filing, Paytm shared its business activity update for April, as its business continues to see a slight increase in numbers.
“The number of loans disbursed through our platform increased 449% year-over-year to reach 2.6 million loans in April 2022, while the value of loans disbursed increased 749% year-on-year to reach Rs 1,657 crore (USD 221 million), an annualized run-rate of around Rs 20,000 crore. We are also seeing an increase in the average note size due to the surge in personal lending business in particular” , did he declare.
Additionally, the company recorded over 100% growth in total merchant payment volume or GMV, totaling Rs 0.95 lakh crore (Rs 12.7 billion), marking a year-on-year growth of 102%.
“We are also seeing an increase in the average ticket size due to the surge in personal loan activity in particular,” the company said.
Paytm’s monthly transaction users stood at 73.5 million.
Paytm, which is a leader in offline payments category in India, has announced a new achievement in the sector.
The company said, “We continue to maintain our stronghold in the offline payments space with the deployment of 3.2 million devices in stores.”
With that, the company has an average deployment rate of 300,000 devices per month.
Last month, the company’s founder and CEO, Vijay Shekhar Sharma, in a letter to shareholders, said the company would achieve operating breakeven in EBITDA (earnings before interest, taxes, depreciation and amortization) within the next few months. next six quarters.
“The diverse range of offers on the Paytm Super app has led to steady growth in user engagement, with the monthly number of users transacting (MTU) in April 2022 at 73.5 million, registering a 44% year-over-year growth,” the company said in the filing.
“We continue to maintain our stronghold in the offline payments space with the deployment of 3.2 million in-store devices, with an average rate of 300,000 deployments per month. We anticipate that this growth will help increase the number of merchants eligible for loans,” he added.
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