Paytm reaches new milestone with 8.5 million loans in Q1, super app hits record 76 million

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Mobile payments and financial services company Paytm hit another milestone in lending by taking 8.5 million loans in the first quarter of FY23 (Q1FY23). On Monday, Paytm announced its monthly operating performance update for the quarter. Paytm disbursements crossed at an annualized run rate of 24,000 crores on the platform. Meanwhile, the company’s Super-App hit an all-time high of 76 million during the period. Following operational performance, Paytm stock is in the green.

In its regulatory filing, Paytm announced that the number of loans disbursed through its platform increased 492% year-on-year to 8.5 million loans in the quarter under review, while the value of loans disbursed increased by 779% YoY to reach 5,554 crore ($703 million).

“The rapid growth of our lending products is giving us an attractive profit pool. We are also seeing an increase in the average ticket size due to the surge in the personal lending business in particular,” Paytm added in his file.

The company saw strong growth in total merchant payment volume. As of Q1FY23, the total merchant GMV transacted on the Paytm platform was aggregated to approximately 2.96 lakh crore ($37 billion), marking a year-on-year growth of 101%.

Additionally, during the quarter, Paytm Super App continues to see increased consumer engagement for the company’s comprehensive payment offerings. Paytm hit new user engagement records, with an average monthly users transacting (MTU) of 74.8 million, recording 49% year-over-year growth. In June alone, MTU was 75.9 million.

In terms of offline payments, Paytm maintained its leadership with the deployment of 3.8 million devices in merchant stores across the country during the quarter. Paytm said, “High device adoption also correlates with an increase in the number of merchants eligible for loans from our platform.”

The company continued to maintain its growth momentum after ending the prior fiscal year on a strong note, recording an 89% year-over-year jump in revenue growth in Q4FY22 at 1,541 crore, while contribution profit soared 210% year-on-year for 539 crores. For the full fiscal year 22, the company’s operating revenue increased 77% year over year to reach 4,974 crore, while contribution profit grew 313% year-on-year to reach 1,498 crore.

On BSE, Paytm shares closed at 710.20 each up 1.59%. The market capitalization of the company is approximately 46,079.94 crores.

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