One 97 Communications (Paytm) said that the number of loans disbursed through its Paytm platform increased by 414% YoY to 2.7 million loans in the first two months of the quarter.
Value of loans disbursed through the platform increased by 375% YoY to Rs 1,320 crore ($178 million) in the first two months of the quarter.
Growth momentum in Gross Merchandise Value (GMV) continued in the first two months of the quarter, due to strong performance during the festive season, which continued post festive season. GMV processed through its platform for the first two months of the quarter aggregated to approximately Rs 1,66,600 crore ($22.4 billion), growth of 129% YoY over the Rs 72,800 crore GMV in the first two months of Q3 FY 2021.
Paytm's monthly transacting users (MTU) consistently grew in FY 2021 and in the first two quarters of FY 2022 and the trajectory has continued in the the third quarter of FY 2022 with 63.2 million average MTUs in the first two months of the quarter, growth of 36% YoY over the 46.6 million average MTUs in the first two months of Q3 FY 2021.
The company continued to witness acceleration of deployments in its devices business. The total number of devices deployed across its merchant base has increased from 0.9 million as on 30 June 2021 to approximately 1.3 million as on 30 September 2021 to approximately 1.6 million as on 30 November 2021.
Shares of Paytm were down 0.56% at Rs 1557.85. The stock entered the bourses on Thursday, 18 November 2021. It was listed at Rs 1955, a discount of 9.07% compared with the initial public offer (IPO) price of Rs 2150.
The IPO of Paytm was subscribed 1.89 times. The issue opened for bidding on 8 November and it closed on 10 November. The price band of the IPO was fixed at Rs 2080 to Rs 2150 per share.
Paytm is one the largest payments platform in India based on the number of consumers, number of merchants, number of transactions and revenue ended March 2021. The company launched Paytm in 2009, as a mobile-first digital payments platform to enable cashless payments for customers giving them the power to make payments from their mobile phones. It started with bill payments and mobile top-ups as the first use cases, and Paytm Wallet as the first Paytm Payment Instrument.
The Paytm app is a payments-led super-app offering consumers with innovative and intuitive digital products and services. It offers consumers a wide selection of payment options on the Paytm app, which include (i) Paytm Payment Instruments, which allow them to use digital wallets, sub-wallets, bank accounts, buy-now-pay-later and wealth management accounts and (ii) major third-party instruments, such as debit and credit cards and net banking.
Paytm reported consolidated net loss of Rs 473.50 crore in Q2 September 2021, higher than net loss of Rs 436.70 crore in Q2 September 2020.
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