The Vijay Shekhar Sharma-led fintech firm registered a 224 per cent y-o-y increase in the number of loans distributed
Mutual funds and foreign portfolio investors (FPI) have raised their shareholding stakes in One97 Communications, the parent firm of Paytm. From now on, the mutual funds will hold 1.26 per cent stakes in One97, compared to the earlier figures of 1.14 per cent. On the other hand, FPIs have increased their bets in shareholding by 0.23 per cent, taking it to 5.77 per cent from 5.44 per cent, as reported by the Financial Express.
In a press release, the company stated that the remaining pattern remains unchanged except for a slight decrease in retail shareholding. “Top global and domestic brokerages including Goldman Sachs, Citi, JP Morgan and ICICI Securities have given a thumbs up to Paytm's strong business model and profitability plan,” it added.
The fintech has been trying to get a grip on profitability for some time. Earlier in April, its managing director and chief executive officer Vijay Shekhar Sharma told shareholders that the company foresaw profitability in six quarters—or by September 2023.
The fintech loan disbursement grew 224 per cent y-o-y to 9.2 million in the quarter ended September 2022. The value of loans disbursed grew by 482 per cent y-o-y to touch Rs 7,313 crore ($894 million), a company statement released on 10 October revealed.
It added that its monthly user base had increased 39 per cent y-o-y to touch 79.7 million. It also reported a gross merchandise value of Rs 3.18 lakh crore in this quarter. The company's market valuation is pegged at Rs 42,576 crore.