One97 Communications, which owns the Paytm brand, said its loan disbursements grew 148 percent in April 2023 to ₹4,115 crore (₹1,657 crore).
However, the latest disbursement amount of the loan was below the March 2023 disbursement level of ₹4468 crore.
The number of loans disbursed during the month under review grew 56 percent on-year to 4.1 million, the same level as the previous month.
Read: Paytm’s Q4 loss slashes to ₹168 crore, revenue up 51%
“Our loan distributing business (in partnership with our lending partners) continues to see healthy growth with total loans distributed through our platform by April 2023 growing 148 percent year-over-year to ₹4,115 crore ($503 million),” Paytm said. in its operating performance update filed with stock exchanges on Saturday.
“We continue to see growth in the distribution of Postpaid and Personal Loans. In commercial loans, demand remains strong; however, due to a comprehensive technology systems upgrade by one of our lending partners, we had to temporarily pause the distribution of business loans through our platform for that partner,” Paytm’s update said.
While the distribution of new loans was largely unaffected since the company has multiple partners, Paytm said additional sales to that partner’s existing merchants were affected.
“The system update is now complete and our partner has resumed commercial loan disbursement. While we continue to work with all of our partners to address the robust demand for commercial loans, we believe some impact from April could be felt in commercial loan growth in the first quarter of fiscal 2024,” Paytm said.
Paytm, which has partnered with large NBFCs and banks, said it continues to focus on the quality of loans distributed through its platform.
“We currently have 7 lending partners and our goal is to add 3-4 partners in fiscal year 2024,” he added.
GROSS VALUE OF THE MERCHANDISE
The total merchant Gross Merchandise Value (GMV) processed through the Paytm platform for April 2023 stood at ₹1.27 lakh crore, reflecting a year-on-year growth of 34%.
The GMV (quarter cumulative) for the quarter ending March 2023 stood at ₹3.62 lakh crore, up 40% from ₹2.59 lakh crore in the same quarter in 2021-22.
“Our focus in recent quarters continues to be payment volumes that generate profitability for us, either through net payment margin or direct upsell potential,” Paytm said.
Paytm sees continued expansion of consumer engagement on Paytm Super App with average monthly transaction users (MTU) by April 2023 growing 25 percent year-over-year to Rs 9.2 crore (7.4 crore). rupees).
In addition, the average MTU for the quarter ending March 2023 stood at Rs 9 crore, up 27% from Rs 7.1 crore for the March 2022 quarter.
The number of subscription-paying merchants by payment devices has reached 7.1 million, an increase of 3 lakhs in the month of April 2023.
“With our subscription-as-a-service model, strong device adoption drives subscription revenue and higher payment volumes, while increasing the funnel for our business loan distribution,” Paytm said in its latest operating performance update.
You may recall that Paytm reported operating profitability in the December 2022 quarter, three quarters ahead of its previous guidance of achieving this target for the September 2023 quarter.
On Friday, Paytm reported a significantly lower net loss of ₹168 crore for the fourth quarter ended 31 March 2023 compared to the net loss of ₹761 crore in the same quarter last year.