Paytm's loan disbursals up 375% at Rs 1,320 cr in first two months of Q3

Riding on strong festival season activity, Paytm’s gross merchandise value (GMV) saw a 129 per cent jump in October-November to Rs 1.7 trillion ($22.4 billion).

The financial technology (fintech) major, which got listed on the bourses last month, said on Monday that the number of loans disbursed through its platform increased 414 per cent year-on-year (YoY) to 2.7 million in the first two months of the current quarter (third quarter, or Q3).

The value of loans disbursed through the platform increased 375 per cent YoY to Rs 1,320 crore ($178 million) in the first two months of the quarter.

“We have seen growth across each of the lending products, i.e., Paytm Postpaid, personal and merchant loans. Growth momentum in GMV continues in the first two months of the quarter,” the company said.

GMV refers to the value of total payments made to merchants through transactions on its application, through Paytm payment instruments or through its payment solutions, over a period. However, it excludes any consumer-to-consumer payment services, such as money transfers.

Paytm’s monthly transacting users (MTU) has consistently grown through 2020-21 and in the first two quarters of 2021-22 (FY22). That trend has continued in Q3FY22, with 63.2 million average MTUs seen in the first two months of the quarter, which translates into a growth of 36 per cent YoY.

Payment devices deployed by the fintech company at storefronts reached 1.6 million in November, increasing 300,000 in the first two months of the quarter.

“The total number of devices deployed across our merchant base has increased from 900,000 (as on June 30) to approximately 1.3 million (as on September 30) to approximately 1.6 million (as on November 30),” the company said.

The fintech giant, which had a weak listing on the bourses in November and announced its September quarter results almost three weeks ago, came out with its operational performance for the first two months of Q3 on Monday. 

Earlier in November, the company said its net loss widened 11 per cent to Rs 482 crore in the quarter ended September (second quarter, or Q2) on a YoY basis, and increased 28 per cent, compared with the quarter ended June.