Fintech giant Paytm on Monday said its total loan disbursements has grown to Rs 8,086 crore during the January-February period, over threefold higher from Rs 2,095 crore recorded last year, as per a stock exchange filing.
The company recorded total disbursements of `4,158 crore in February alone, it said.
The number of loans disbursed on the application stood at 7.9 million during January-February, up 94% than the same period last fiscal. Paytm offers a bouquet of loan services through its online application, in partnership with scheduled commercial banks.
“Our payments consumer and merchant base offers a large addressable market, thereby providing a long runway for growth. We continue to work with our partners to remain focused on the quality of the book,” the company said.
The company’s mobile application saw its average monthly transacting users rise to 89 million during January-February from 70 million users a year ago. Meanwhile, merchant payment volumes for January-February stood at Rs 2.34 trillion, up 41% y-o-y.
“Our subscription devices like Soundbox and POS machines continue to see increased acceptance by merchants, driving additional payment monetisation for us. Number of merchants paying subscription for payment devices has reached 6.4 million as of February 2023, an increase of 0.3 million in the month (February),” Paytm said.
Paytm’s net loss during the quarter ended December narrowed to Rs 392 crore from Rs 779 crore a year ago, while revenue from operations rose 42% y-o-y to Rs 2,062 crore.