One97 Communications, which owns Paytm brand, on Tuesday said that its loan disbursements grew 137 per cent in July -August 2023 at Rs. 10,710 crore (Rs. 4,517 crore).

The number of loans disbursed for July-August 2023 stood at 88 lakh, up 47 per cent on a year-on-year basis, Paytm said in its operating performance update for August 2023 filed with the stock exchanges.

“Our loan distribution business (in partnership with large lenders) continues to witness healthy growth with total disbursements through our platform for the quarter to date (for Jul-Aug) growing 137 per cent y-o-y to Rs. 10,710 crore ($ 1.3 billion)”, Paytm said in its latest update.

Also Read | Paytm loan disbursals grew 148% in July to ₹5,194 crore, number of loans up 46%

“We remain focused on the portfolio performance of our lending partners, and growth may be subdued until the industry outlook improves. High-quality outcomes for our partners enables us to expand our lending partnerships. We currently have eight lending partners (including for credit card distribution) and we aim to on board 3–4 partners in FY 2024”.

It maybe recalled that Paytm had in the first quarter this fiscal disbursed loans worth Rs. 14,845 crore, up 167 per cent on a year-on-year basis. In April-June 2023, the number of loans disbursed grew 51 per cent to 1.28 crore from 0.85 crore in the same quarter last fiscal.

GROSS MERCHANDISE VALUE 

The total merchant Gross Merchandise Value (GMV) processed through the Paytm platform for July-August 2023 stood at Rs. 3 lakh crore, up 43 per cent on y-o-y basis.

“We continue to see increase in GMV of non-UPI instruments like EMI and cards. Growth in payments volumes drives profitability for us, through net payment margin and/ or from direct upsell potential”, Paytm said.

Also Read | Paytm loan disbursals grew 167% in Q1

Paytm sees continued expansion of consumer engagement on the Paytm Super App with average monthly transacting users (MTU) for the July-August 2023 period growing 20 per cent year-on-year to 9.4 crore (7.9 crore).

The number of merchants paying subscription for payment devices has reached 8.7 million, an increase of 42 lakh devices in the past 12 months and 5 lakh devices in the month of August.

Paytm had in the first quarter this fiscal reported a standalone net loss of Rs. 358 crore, narrower than the net loss of Rs. 645 crore in the same quarter last fiscal. However, the Q1 net loss was wider than the net loss of Rs. 168 crore in the March 2023 quarter.

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