Loan distribution business continues to scale with disbursements worth Rs 5,194 Cr and 43 lakh loans disbursed in July

MUMBAI, 4^th AUGUST, 2023 (GPN):   Paytm, India’s leading payments and financial services company and the pioneer of mobile and QR payments, has announced its business operating performance for the month of July. The company has achieved a new milestone in in-store payments with 82 Lakh devices deployed, a growth of 101% YoY while the Gross Merchandise Value (GMV) for the month stood at Rs 1.47 Lakh Cr ($17.9 billion), YoY growth of 39%.

Consumer engagement on the Paytm Super App remains high with the average monthly transacting users (MTU) at 9.3 Cr, a growth of 19% YoY, reflecting the continued expansion of the customer base. “Our leadership in payment monetization continues. We are bringing technology to India’s small shops with the launch of two new innovative devices – Paytm Pocket Soundbox, a debit-card sized device for merchants on the go, and Paytm Music Soundbox, which allows merchants to connect their phone to it to play music or listen to match commentary,” Paytm said in it exchange filing.

Paytm’s credit distribution business, in partnership with its top financial institutions, continues to witness healthy growth with total disbursements surging 148% YoY to Rs 5,194 Cr ($632 million) with 43 Lakh loans (46% YoY growth) distributed in the month of July. Currently, the company has 8 lending partners and aims to onboard 3-4 partners in the fiscal.

In its recently announced Q1FY24 results (April-June 2023), Paytm reported a 39% YoY growth in revenue from operations to Rs 2,342 Cr, driven by an increase in merchant subscription revenue, jump in GMV, and growth in loan disbursements.Ends