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BENGALURU : One97 Communications Ltd., the parent company which owns and operates brand Paytm reported an overall gross merchandise value (GMV) of 832 billion (roughly $11.2 billion) in the month of October 2021, the company said as a part of its latest disclosures with the stock exchanges on Sunday evening.  

Overall GMV for One97 Communications also grew to 1956 billion during the quarter ending 30 September 2021, a 107% growth from the previous fiscal quarter ending June 2021. 

One97 Communications’ board is expected to meet on November 27 to consider and approve the unaudited standalone and consolidated financial results of the company, it said as a part of public disclosures.  

 “In keeping with our disclosures in the prospectus, the growth momentum in GMV continued in October 2021 driven by festive season spends, as well as an increase in: number of merchants and consumers, adoption of new products, transactions for both online and in-store merchants, and in deployed devices. GMV processed through our platform for the month of October 2021 aggregated to approximately 832 billion ($11.2 billion), growth of 131% over the month of October 2020," said that company in a disclosure on Sunday evening with the exchanges. 

For Paytm, its monthly transacting users also grew by 35% year-on-year to 63 million in the month of October 2021. It had earlier reported 47 million monthly users in October 2020.  

The average monthly active users for the quarter ending September 30, this year, stood at 57 million, the company reported on Sunday.  

 “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 One97 Communications, as a part of disclosures.  

The company also registered high growth for its credit and lending business including Paytm Postpaid and merchant lending.  Paytm registered 2.84 million loans in the quarter ending September, compared to 1.43 million loans in the June-ending quarter, this fiscal year.  

 “Due to cautious approach in making new disbursements due to the second wave of the COVID-19 pandemic in May 2021 and June 2021, we processed a total of 1.4 million loans through our financial institution partners in Q1 FY 2022. We saw continued recovery in the segment as our financial institution partners’ disbursal almost doubled with over 2.8 million loans in Q2 FY 2022. The October 2021 month saw continued increase in adoption across our different financial services products. The lending business continued to show very strong growth as a result of rapid scale up of all of our lending products, including Postpaid, consumer loans and merchant loans," said One97 Communications.   

Further, the company has already disbursed close to 1.3 million loans in October 2021 alone.  

 “Our financial institution partners disbursed a total of 1.3 million loans in October 2021 aggregating to a total disbursal of INR 6,270 million ($84 million), implying a 472% increase in numbers of loans disbursed Y-o-Y (year-on-year) and 418% increase in value of loans disbursed Y-o-Y," said the company on Sunday.,  

During its listing day on November 18, stock prices of One97 Communications plunged almost 27.4% from its issue price, and got locked in the lower circuit. The stock’s dive sliced  38,000 crore of Paytm’s IPO valuation, leaving investors facing heavy losses, at least on paper. 

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