BackPaytm hits new milestone with 8.5 mn loans in Q1, Super app sees record 76 mn
Paytm recorded loans of 8.5 million registering a 492% y-o-y growth in the quarter under review, while the value of loans disbursed increased 779% y-o-y to ₹5,554 crore ($703 million).
PremiumMobile payments and financial services firm, Paytm touched a new lending milestone by recording 8.5 million loans in the first quarter of FY23 (Q1FY23). On Monday, Paytm announced its monthly business operating performance update for the quarter. Paytm's disbursements crossed at an annualised run rate of ₹24,000 crore on the platform. Meanwhile, the company's Super-App reached its highest at 76 million in the period. Following the operating performance, Paytm shares are in green.
In its regulatory filing, Paytm announced the number of loans disbursed through their platform grew 492% y-o-y to 8.5 million loans in the quarter under review, while the value of loans disbursed increased 779% y-o-y to ₹5,554 crore ($703 million).
"The rapid growth of our lending products brings us an attractive profit pool. We are also seeing increases in average ticket size due to the scale-up of the personal loans business in particular," Paytm added in its filing.
The company posted strong growth in total merchant payments volume. In Q1FY23, the total merchant GMV processed at Paytm platform aggregated to approximately ₹2.96 lakh crore ($37 billion), marking a y-o-y growth of 101%.
Furthermore, in the quarter, Paytm Super App continues to see heightened consumer engagement for the company’s comprehensive payment offerings. Paytm achieved new records in user engagement, with the average monthly transacting users (MTU) at 74.8 million, registering a growth of 49% Y-o-Y. In June alone, the MTU stood at 75.9 million.
In terms of offline payments, Paytm maintained its leadership with the deployment of 3.8 million devices at merchant stores across the country during the quarter. Paytm said, "The strong adoption of devices also has a correlation with the rise in merchants eligible for loans from our platform."
The company continued to hold its growth momentum after it closed the previous financial year on a strong note, registering an 89% year-on-year jump in revenue growth in Q4FY22 at ₹1,541 crore, while the contribution profit climbed 210% year-on-year to ₹539 crore. For the entire FY22, the company’s revenue from operations grew 77% year-on-year to ₹4,974 crore, while contribution profit increased 313% year-on-year to ₹1,498 crore.
On BSE, Paytm shares closed at ₹710.20 apiece up 1.59%. The company's market cap is around ₹46,079.94 crore.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
