In October 2021, Paytm saw a 418 percent increase in the value of loans disbursed over the previous year
The total number of devices deployed across Paytm's merchant base has grown from 0.9 million on June 30, 2021 to around 1.4 million on October 31, 2021.
Paytm, a digital payments platform, reported in a regulatory filing on November 21 that the value of loans disbursed in October increased by 418 percent year over year.
“The month of October 2021 saw continued growth in adoption of our various financial services offerings. As a result of the rapid scale-up of all of our lending products, including Postpaid, consumer loans, and merchant loans, the lending company continued to exhibit very significant growth “It was stated.
“In October 2021, our financial institution partners disbursed a total of 1.3 million loans, aggregating to INR 6,270 million ($84 million), implying a 472 percent increase in the number of loans disbursed Y-o-Y and a 418 percent increase in the value of loans disbursed Y-o-Y,” according to the regulatory filing.
The parent company’s Board of Directors, One 97 Communications Limited, will meet on November 27 to discuss and approve the quarterly financial results, according to the company. Following that, it is scheduled to report earnings for the months of July and September.
Paytm also announced that the gross merchandise value (GMV) transacted through its platform increased by 131 percent year on year in October 2021, totaling over Rs 832 billion ($11.2 billion).
“Our monthly transacting users (MTU) have steadily grown in FY2021 and the first two quarters of FY 2022, and the tendency has continued in October 2021 with 63 million MTUs, a 35 percent year-over-year increase over the 47 million MTUs in October 2020,” the company stated.
The total number of devices deployed across Paytm’s merchant base has risen from 0.9 million on June 30, 2021, to approximately 1.3 million on September 30, 2021, and to “about 1.4 million on October 31, 2021,” according to the company.
Paytm had a shaky start on the stock market earlier this week. The company’s stock dropped almost 27% the day following its IPO, closing at Rs 1,560 per share on November 18.
