Driven by festive season spends, One 97 Communications (Paytm), which got listed in bourses last week, has recorded a 131 per cent increase in its gross merchandise value (GMV)—or payments made to merchants through its platform—in October 2021 on a year-on-year basis to ₹83,200 crore ($11.2 billion) from a level of about ₹36,000 crore in same month last year.
The number of monthly transacting users (MTUs) grew more than 35 per cent in October 2021 to 63 million as compared to 47 million in the same month last year, Paytm said in a regulatory filing on its operating performance for October on Sunday night.
“Our strong operating performance continued in the month of October 2021 with increasing numbers of consumers and merchants transacting on our ecosystem, increasing frequency of transactions and increasing adoption of our different products and services”, the company said.
Paytm also recorded a 418 per cent year-on-year growth in the value of loans disbursed in October. “The October 2021 month saw a continued increase in adoption across our different financial services products. The lending business continued to show very strong growth as a result of rapid scale up of all of our lending products, including Postpaid, consumer loans and merchant loans”, the regulatory filing said.
“Our financial institution partners disbursed a total of 1.3 million loans in October 2021 aggregating to a total disbursal of ₹627 crore ($84 million), implying a 472 per cent increase in numbers of loans disbursed YOY and 418 per cent increase in value of loans disbursed YOY”.
The total number of devices deployed across the merchant base has increased from 0.9 million as on June 30, 2021 to 1.3 million as on September 30,2021 to about 1.4 million as on October 31, 2021.
“The October 2021 month saw continued increase in adoption across our different financial services products. The lending business continued to show very strong growth as a result of rapid scale up of all of our lending products, including postpaid, consumer loans and merchant loans”, the regulatory filing added.