One97 Communications, which owns the Paytm brand, on Thursday said that its loan disbursements grew 148 per cent in July 2023 at ₹5,194 crore (₹2,090 crore).
The number of loans disbursed for the month stood at 43 lakhs, up 46 per cent on a year-on-year basis, Paytm said in its operating performance update for July 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 month of July 2023 growing 148% y-o-y to ₹5,194 crore ($ 632 million)”, Paytm said in its latest update.
“We continue to work with our partners to ensure superior credit quality for loans distributed through us. To ensure that portfolio performance of our lending partners improves despite economic uncertainties, our credit disbursement growth will be deliberately calibrated over the next quarter or two”.
Paytm currently has eight lending partners, and the fintech aims to onboard 3-4 partners in FY 2024.
It maybe recalled that Paytm had in the first quarter of this fiscal disbursed loans worth ₹ 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 2023 stood at ₹1.47 lakh crore, up 39 per cent on y-o-y basis.
“We continue to see increase in GMV of non-UPI instruments like EMI and cards. We are focused on payment volumes that generate profitability for us, either through net payment margin or from direct upsell potential”, Paytm said.
Paytm sees continued expansion of consumer engagement on the Paytm Super App with average monthly transacting users (MTU) for the month growing 19 per cent year-on-year to 9.3 crore (7.8 crore).
The number of merchants paying subscriptions for payment devices has reached 8.2 million, an increase of 3.8 lakh in July 2023.
Paytm had, in the first quarter of this fiscal reported a standalone net loss of ₹358 crore, narrower than the net loss of ₹645 crore in the same quarter last fiscal. However, the Q1 net loss was wider than the net loss of ₹168 crore in the March 2023 quarter.