Digital payments platform Paytm recorded a 418 percent year-on-year growth in the value of loans disbursed in October, the company said in a regulatory filing on November 21.
"The October 2021 month saw continued increase in adoption across our different financial services products. The lending business continued to show very strong growth as a result of rapid scale-up of all of our lending products, including Postpaid, consumer loans and merchant loans," it said.
"Our financial institution partners disbursed a total of 1.3 million loans in October 2021 aggregating to a total disbursal of INR 6,270 million ($84 million), implying a 472% increase in numbers of loans disbursed Y-o-Y and 418% increase in value of loans disbursed Y-o-Y," the regulatory filing noted.
The company further said the Board of Directors of its parent firm One 97 Communications Limited will meet on November 27 to consider and approve the quarterly financial results. It is expected to subsequently release the July-September earnings numbers.
Paytm also revealed that in October 2021, the gross merchandise value (GMV) processed through its platform surged by 131 percent YoY, aggregating to approximately Rs 832 billion ($11.2 billion).
"Our monthly transacting users (MTU) have consistently grown in FY2021 and in the first two quarters of FY 2022 and the trajectory has continued in October 2021 with 63 million MTUs, growth of 35% Y-o-Y over the 47 million MTUs in October 2020," it said.
The total number of devices deployed across Paytm's merchant base has increased from 0.9 million as on June 30, 2021, to approximately 1.3 million as on September 30, 2021, to "approximately 1.4 million as on October 31, 2021", the company further noted.
Earlier this week, Paytm had made a damp debut at the stock market. A day after its IPO, the company's stocks fell by over 27 percent, to close at Rs 1,560 apiece on November 18.