Paytm, a digital payments and financial services company, on Sunday revealed that its lending business saw a 449 per cent increase in the number of loans disbursed through the platform at 2.6 million loans in April 2022.
The value of loans disbursed in April 2022 stood at a total of ₹1,657 crore ($221 million), registering a 749 per cent increase over ₹195 crore loans disbursed in April 2021 on a year-on-year basis, Paytm said in its business operating update filed with the stock exchanges for the month of April 2022 on Sunday. Our lending business now has an annualised run-rate of about ₹20,000 crore, it added.
“We are also seeing increases in average ticket size due to the scale-up of the personal loans business in particular,” said the company.
Paytm also recorded a 104 per cent increase in Gross Merchandise Value (GMV) for the March quarter at ₹2.59-lakh crore (₹1.27-lakh crore in March 2021 quarter). For April 2022 alone, the GMV saw a 102 per cent increase at ₹0.95-lakh crore (₹0.47- lakh crore).
The diverse range of offerings on the Paytm Super App has led to a consistent growth in user engagement with the monthly transacting users (MTU) in April 2022 at 73.5 million, up 44 per cent year-on-year. For the quarter ended March 31, 2022, Paytm had an average monthly transacting users of 71 million, up 41 per cent over 51 million MTUs in the same quarter last year.
Offline payments
Paytm, which is a leader in the offline payments category in India, said that its offline payments business has accelerated as total number of devices deployed jumped to 3.2 million with 0.3 million devices deployed in April 2022.
“With an average rate of 3,00,000 deployments per month, we expect this growth to contribute to a rise in the number of merchants eligible for loans,” the company added.
Last month, Paytm’s Founder and CEO Vijay Shekhar Sharma in a shareholder letter had said that the company will achieve operating EBITDA (earnings before interest, taxes, depreciation, and amortization) break even in the next sixquarters.
Published on
May 15, 2022
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest For Top Stories News Click Here
