Digital payments and financial services company Paytm on Sunday said its lending business saw a 449 per cent increase in the number of loans disbursed in April and business now has an annualised run-rate of Rs 20,000 crore.
In a stock exchange filing, Paytm shared its business operating update for April, as its businesses continue to see an uptick in numbers.
”The number of loans disbursed through our platform grew 449 per cent year-on-year to 2.6 million loans in April 2022, while the value of loans disbursed grew 749 per cent y-o-y to Rs 1,657 crore (USD 221 million), an annualised run-rate of approximately Rs 20,000 crores. We are also seeing increases in average ticket size due to the scale-up of the personal loans business in particular,” it said.
Also, the company recorded over 100 per cent growth in total merchant payments volume or GMV, aggregating to Rs 0.95 lakh crore (Rs 12.7 billion), marking a y-o-y growth of 102 per cent.
”We are also seeing increases in average ticket size due to the scale-up of the personal loans business in particular,” said the company.
Paytm’s monthly transacting users stood at 73.5 million.
Paytm, which is a leader in the offline payments category in India, announced a new achievement in the business. The company said, ”We continue to maintain our stronghold in the offline payments business with deployment of 3.2 million devices in stores.” With this, the company has an average rate of 300,000 devices deployment per month.
Last month, the company’s founder and CEO Vijay Shekhar Sharma in a shareholder letter had said that the company will achieve operating EBITDA (earnings before interest, taxes, depreciation, and amortization) breakeven in the next six quarters.
”The diverse range of offerings on the Paytm Super App have led to a consistent growth in user engagement, with the monthly transacting users (MTU) in April 2022 at 73.5 million, registering a growth of 44 per cent Y-o-Y,” the company said in the filing.
”We continue to maintain our stronghold in the offline payments business with deployment of 3.2 million devices in stores, with an average rate of 300,000 deployments per month. We expect this growth to contribute to a rise in the number of merchants eligible for loans,” it added.