One 97 Communications (Paytm) said that its lending business witnessed a 224% year on year (YoY) growth during the quarter ending September 2022.
The number of loans disbursed through the company's platform zoomed 224% YoY to 9.2 million loans in the quarter ended September 2022, while the value of loans disbursed grew 482% YoY to Rs 7,313 crore ($894 million).
The company said that its loan distribution business (in partnership with top lenders) continues to witness accelerated growth with disbursements through its platform stood at an annualised run rate of Rs 34,000 crore in the month of September.
The firm said it continues to strengthen its leadership in offline payments, with deployment of 4.8 million devices at merchant stores across the country. With its subscription as a service model, the strong adoption of devices drives higher payment volumes, and subscription revenues, while increasing the funnel for its merchant loan distribution.
Paytm continues to see growth and upsell opportunities in this business, while it work with its partners to remain focused on the quality of the book, it stated.
The Paytm Super App continues to see heightened consumer engagement for the company's comprehensive payment offerings. The company continues to drive user engagement, with the average MTU for the quarter ended September 2022 at 79.7 million, registering a growth of 39% YoY.
The total merchant gross merchandise value (GMV) processed the platform for the quarter ended September 2022 aggregated to Rs 3.18 Lakh crore ($39 billion), marking a YoY growth of 63%.
Paytm is India's payment super app offering consumers and merchants a comprehensive payment services. Paytm enables commerce for small merchants and distributes various financial services offerings to its consumers and merchants in partnership with financial institutions.
One97 Communications' consolidated loss widened to Rs 644.40 crore in Q1 FY23 from net loss of Rs 380.20 crore a year ago. Revenue surged 89% to Rs 1,680 crore in Q1 FY23 over Q1 FY22.
Shares of One97 Communications were up 0.63% to Rs 712.30 on the BSE.
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