Mobile payments and financial services firm, Paytm touched a new loan milestone by registering 8.5 million loans in the first quarter (Q1FY23) of FY23. On Monday, Paytm announced its monthly business operating performance update for the quarter. Paytm’s annual run rate of disbursements exceeded 24,000 crores on the platform. Meanwhile, the company’s super-app reached an all-time high of 76 million in the period. Paytm shares are in the green after operating performance.
In its regulatory filing, Paytm announced that the number of loans disbursed through their platform grew 492% annually to 8.5 million loans in the quarter under review, while the value of Loan Disbursements increased by 779% 5,554 crore ($703 million).
“The rapid growth of our lending products brings us an attractive profit pool. We are also seeing an increase in the average ticket size, especially due to the scale of the personal loan business,” Paytm said in its filing.
The company posted strong growth in overall merchant payments volume. In Q1FY23, the total merchant GMV processed on Paytm platform was approx. 2.96 lakh crore ($37 billion), which represents a growth of 101% annually.
Furthermore, in the quarter, Paytm Super App continues to see increased consumer engagement for the company’s wide-ranging payment offerings. Paytm achieved new records in user engagement, with Average Monthly Transaction Users (MTU) at 74.8 million, registering a growth of 49% YoY. The MTU in June alone was 75.9 million.
In terms of offline payments, Paytm maintained its leadership with the deployment of 3.8 million devices at merchant stores across the country during the quarter. “The strong adoption of devices is also correlated with the increase in merchants eligible for loans from our platform,” Paytm said.
The company continued its growth momentum after closing the last fiscal on a strong note, registering an 89% year-on-year jump in revenue growth in Q4FY22. 1,541 crore, while contribution profit climbed 210% year-on-year 539 crores. For the full FY22, the company’s revenue from operations grew 77% year-over-year 4,974 crore, while contribution profit increased by 313% year-on-year 1,498 crores.
Closed on Paytm shares on BSE 710.20 up 1.59%. The market cap of the company is approx. 46,079.94 crores.