The disbursements of Paytm rose 169% year-on-year (y-o-y) to Rs 9,618 crore during April and May, parent One97 Communications said in a press release on Monday.
In terms of volume, loans rose 54% y-o-y to 8.5 million.
“We continue to see growth in the distribution of postpaid and personal loans. We have partnered with large NBFCs and banks and we continue to focus on quality of loans distributed through our platform,” the release said.
The company has partnered with large non-banking financial companies and banks, and will continue to focus on the quality of loans distributed through its platform. Currently, it has seven lending partners and it aims to onboard three-to-four lending partners in 2023-24.
A merchant distribution partner of the company undertook a comprehensive technology systems upgrade at its end, which had an impact on loan upsell to existing merchants of that partner.
“The system upgrade is now done and our partner has resumed disbursing merchant loans, with some pent-up demand from April being met in May,” the release said.
The company witnessed a continued expansion of its consumer base. Average monthly transacting users rose 24% y-o-y to 9.2 crore in the April-May.
Merchant payment volumes rose 35% y-o-y to Rs 2.7 trillion in April-May. Subscription merchants rose 118% y-o-y to 7.5 million as of May 2023.
“Our leadership in payment monetisation continues as subscription devices for payment devices like Soundbox and POS machines continue to see increased acceptance by merchants,” the release said.