BackPaytm shares business update for July, loan disbursals up 296% YoY
Shares of Paytm plunged about 5% to ₹784 apiece on the BSE in Friday's opening deals
PremiumPaytm on Friday shared its operating performance update for the month of July 2022, in which it said that the company's loan distribution business (in partnership with top lenders) continues to witness accelerated growth with disbursements through our platform now an annualised run rate of over ₹25,000 crore in July.
Its loan distribution business scaled to 2.9 million, witnessing a year-on-year (YoY) growth of 296%, while the value of loans disbursed grew 512% from the year-ago quarter to ₹2,090 crore ($264 million).
The total merchant GMV processed through Paytm's platform for July aggregated to approximately ₹1.06 lakh crore ($13 billion), marking a y-o-y growth of 82%.
“The Paytm Super App continues to see heightened consumer engagement for the company's comprehensive payment offerings. We continue to achieve new records in user engagement, with the average monthly transacting users (MTU) for the month of July 2022 at 77.6 million, registering a growth of 41 % Y-o-Y," the company informed in an exchange filing.
“We continue to strengthen our leadership in offline payments, with deployment of 4.1 million devices at merchant stores across the country. The strong adoption of devices in turn, drives higher payment volumes, subscription revenues as well as merchant loan distribution," it added.
Paytm reported a widening consolidated net loss of ₹644 crore in the quarter ending June 30, 2022 from a loss of ₹380 crore in Q1 of last year. Its consolidated revenue from operations stood at ₹1,679.6 crore during April-June period, increasing by 88.5% from the same quarter last year. The gross merchandise value more than doubled to ₹3 lakh crore in the June 2022 quarter from ₹1.5 lakh crore a year ago. Paytm said it is targeting achieving operational profitability by September 2023.
Shares of Paytm plunged about 5% to ₹784 apiece on the BSE in Friday's opening deals. The stock is down more than 41% in 2022 (YTD) so far. The company raised $2.5 billion late last year in one of India's biggest initial public offerings (IPO), but made a dismal debut due to concerns over its high valuation and an uncertain path to profitability.
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