Digital financial services firm One97 Communications, which operates under the Paytm brand, has recorded 40 per cent growth in gross merchandise value on its platform to Rs 3.62 lakh crore in March 2023 quarter, the company said on Wednesday.

The company had recorded a total GMV of Rs 2.59 lakh crore a year ago, Paytm said in a regulatory filing.

"The total merchant GMV processed through our platform for the quarter (for three months ended March) was Rs 3.62 Lakh crore ($44 billion), marking a y-o-y growth of 40 per cent. Our focus over the past few quarters continues to be on payment volumes that generate profitability for us, either through net payments margin or from direct upsell potential," the filing said.

Paytm's average monthly transacting users (MTU) increased by 27 per cent to 9 crore during the March 2023 quarter from the 7.1 crore it registered in the year-ago period.

The number of merchants paying a subscription for payment devices increased by 10 lakh and reached 68 lakh as of March 2023 from 58 lakh in December 2022 quarter.

The value of loans disbursed through Paytm platform increased by over three-fold to Rs 12,554 crore in the March 2023 quarter from Rs 3,553 crore a year ago.

The number of loans grew by 82 per cent to 1.19 crore during the reported quarter from 65 lakh in March 2022 quarter.