New Delhi-based Indian fintech firm Paytm has announced its business operating performance for the two months ended May 2023. It registered an average monthly transacting users (MTU) of 9.2 crore in this period and reported a growth of 24 per cent year-on-year.
The fintech unicorn’s gross merchandise value (GMV) touched $32.1 billion (Rs 2.65 lakh crore), witnessing a 35 per cent Y-o-Y growth. “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 company added.
In addition to this, the Vijay Shekhar Sharma-led firm witnessed 169 per cent growth in loan disbursal rate to Rs 9,618 crore in this period. The number of loans also surged by 54 per cent to 85 lakh.
The company is currently working with seven lending partners and is eying to onboard 3-4 partners in the financial year (FY) 2024.
In its recently announced January-March quarter (Q4FY23) results, Paytm reported a 51 per cent YoY growth in revenue from operations to Rs 2,334 crore. It also reported EBITDA before ESOP cost of Rs 234 crore, including the full-year UPI incentive.
In an attempt to strengthen its offline presence, the company deployed 75 lakh devices in this period.
“With our subscription as a service model, the strong adoption of devices drives subscription revenues and higher payment volumes, while increasing the funnel for our merchant loan distribution,” it added.