New Delhi, NFAPost: Leading digital payments and financial services company Paytm’s lending business saw a 449% increase in the number of loans disbursed through the platform at 2.6 million loans during the first month of the new fiscal 2023.
According to the company, the value of loans disbursed stood at a total of Rs 1,657 crore ($221 million) which makes for year-on-year growth of 749%. In an exchange filing, the company said that the lending business now has an annualised run rate of approximately Rs. 20,000 crores.
Commenting on the development, Arvian Research said the company is facing a blood bath on the bourses but at the same time it is showing a stellar performance internally.
“At the same time, it is a reality all businesses are affected by the covid pandemic. The company has started off the current financial year on a good note, as its businesses continue to see an uptick in numbers,” states Arvian Research.
The company also recorded over 100% y-o-y growth in total merchant payments volume or GMV, aggregating to ₹0.95 Lakh Cr ($12.7 billion). Paytm’s monthly transacting users stood at 73.5 million.
“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, 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,” states the company.
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 6 quarters.
