With disbursements of Rs 4,158 crore ($503 million) in February 2023, Paytm continued to scale its credit business. This has been an on-year growth of 254 percent, with number of loan disbursals rising 86 percent from the last year to 40 lakh.
Sustained Rise in Consumer Base & a Surge of 254% in Loan Disbursals
The company’s consumer base continued to expand as per the monthly performance update as the average monthly transacting users (MTU) of 8.9 crore for the quarter-to-date which is an increase on 28% over February 2022.
With an on-year growth of 41 percent, the Paytm’s Merchant Payment Volumes (GMV) for the quarter-to-date (January and February 2023) stood at Rs 2.34 lakh crore ($28.3 billion).
In an exchange filing, the company said that “Number of merchants paying subscription for payment devices like Soundbox has reached 64 lakh as of February 2023”.
As compared to the year ago period, the revenue of Paytm rose 41 percent to Rs 2,062 crore in Q3 FY23, on the other side net loss narrowed to Rs 392 crore from Rs 778 crore.
The founder and CEO, Vijay Shekhar Sharma, in a letter to shareholders said that the company had achieved operating profitability in Q3, which is three quarters ahead of the guidance which was for the September quarter.
After that the stock has increased 12 percent.
At 9:20 am, the stock was quoting at Rs 588 apiece on the NSE, 0.8 percent lower from the previous close.
More about PayTm
Founded in 2010 by Vijay Shekhar Sharma under One97 Communications, Paytm is an Indian MNC which specializes in digital payments and financial services.
It offers mobile payment services to consumers and enables merchants to receive payments through its QR code, point of sale and online payment gateway offerings.
It also offers financial services such as microloans and buy now, pay later to its consumers and merchants as it has partnerships with financial institutions.
In addition to this, the company also provides ticketing services, retail brokerage products and online games.
Listed on the Indian stock exchanges on 18 November 2021 after an initial public offering, the Paytm’s gross merchandise value (GMV) was reported to be ₹8,500 billion (US$110 billion) for the fiscal year 2021–22.