Indian fintech firm Paytm announced that its annualised run rate (ARR) for the loan distribution business is now at Rs 39,000 crore ($4.8 billion).

According to its statement, the Vijay Shekhar Sharma-led firm's loan disbursals registered a 374 per cent year-on-year (YoY) growth to Rs 6,292 crore ($774 million). In the past two months, it distributed 6.8 million loans at a 150 per cent YoY growth rate. 

“We see a significant growth runway given low current penetration, while we continue to work with our partners to remain focused on the quality of the book,” Paytm said in a statement. 

Registering 37 per cent YoY growth, Paytm’s merchant payment volume for the two months that ended in November touched Rs 228 lakh crore. The average monthly transacting users on Paytm Super App reached 84 million, recording a 33 per cent YoY increase. 

“With our subscription as a service model, the strong adoption of devices drives higher payment volumes and subscription revenues, while increasing the funnel for our merchant loan distribution,” the company claimed. 

Paytm has been in the news for announcing its plans to consider a share buyback last week, which saw its stock rising by 7 per cent on Friday. This came amidst concerns about the fintech major's slow path to profitability and its ability to monetise its platform.

The digital payment solutions provider's stock plunged by almost 74 per cent since its $2.5 billion public listing last November. However, over the past several months, many tech stocks have seen their value dip, including those of many Indian unicorns.

Paytm's board will meet on December 13 to discuss the buyback plan, which the company claimed has instilled confidence amongst investors.