Digital funds and monetary companies agency Paytm on Monday reported over two-fold rise in its gross merchandise worth to about Rs 1,66,600 crore within the first two months of the third quarter of this fiscal, pushed by sharp uptick in mortgage disbursals.
One97 Communications Ltd, the mother or father firm which owns and operates model Paytm, had recorded GMV (gross merchandise worth) of Rs 72,800 crore within the corresponding interval a 12 months in the past.
Paytm refers to GMV as the worth of whole funds made to retailers by transactions on its app, by Paytm cost devices or by its cost options, over a interval. It excludes any consumer-to-consumer cost companies comparable to cash transfers.
“Growth momentum in GMV continues in the first two months of the quarter, due to strong performance during the festive season, which continues post festive season,” the corporate stated in a regulatory submitting.
The variety of loans disbursed from the Paytm platform elevated over 4 occasions to 27 lakh in the course of the reported interval, from 5.30 lakh a 12 months in the past.
The worth of mortgage disbursed elevated by 375 per cent on a year-on-year (y-o-y) foundation to Rs 13,200 crore (USD 178 million) within the first two months of the quarter from Rs 280 crore.
“We have seen across each of the lending products, i.e. Paytm Postpaid, Personal Loans and Merchant Loans. On November 26, 2021, we launched a new credit card in partnership with HDFC Bank, further to the announcement of our partnership in September 2021,” the corporate stated.
Paytm posted progress of 36 per cent in month-to-month transacting customers (MTUs) at 6.32 crore in the course of the reported interval, from over 4.66 crore common MTUs within the first two months of the identical quarter a 12 months in the past.