Paytm's GMV up 131% to $11.2 billion in Oct as festive-time spends rise

One97 Communications, the parent company of fintech firm Paytm, reported that its gross merchandise value (GMV) for the month of October touched Rs 832 billion (around $11.2 billion), a growth of 131 per cent on a year-on-year (y-o-y) basis. The company was listed on the Indian bourses last week.

The company, in a disclosure to the exchanges, said that the growth was driven by the festive season and an increase in number of merchants and consumers, adoption of new products, transactions for both online and in-store merchants, and in deployed devices.

For the quarter ended September 31, 2021, the GMV grew 107 per cent y-o-y at Rs 1,956 billion.

The company further states that its monthly transacting users (MTU) have consistently grown in FY21 and in the first two quarters of FY22, and the trajectory has continued in October 2021 with 63 million MTUs, growth of 35% y-o-Yy over the 47 million MTUs in October 2020.

Paytm also declared in the disclosure that the company’s board will be meeting on November 27 to consider the financial results of the company. “We hereby inform you that a meeting of the board of directors of One 97 Communications Limited (the ‘Company’) will be held on Saturday, November 27, 2021, inter alia, to consider and approve the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended on September 30, 2021 along with the limited review report of the auditors for the corresponding period.”

The trend of growth in Paytm’s GMV / MTU has continued to grow and in October 2021 its monthly GMV / MTU increased to Rs 13,217 ($177), a growth of 71% over Rs 7,736 ($104) for the month of October 2020.

“We continued to witness strong adoption of our devices business amongst merchants. As disclosed in the prospectus, the total number of devices deployed across our merchant base has increased from 0.9 million as on June 30, 2021 to approximately 1.3 million as on September 30, 2021 to approximately 1.4 million as on October 31, 2021,” said the company.

The company, in the statement to the exchanges, also, said that its lending business has seen strong growth. “Our financial institution partners disbursed a total of 1.3 million loans in October 2021 aggregating to a total disbursal of Rs 6,270 million ($84 million), implying a 472% increase in numbers of loans disbursed y-o-y and 418% increase in value of loans disbursed y-o-y.

Paytm got listed on November 18, however, the stock’s performance of the listing day was unlike other startup players as the share prices were down over 20 per cent.