Payment and credit operations of fintech solutions provider One 97 Communications which operates the popular payment platform Paytm continued to witness robust growth.
Paytm's credit distribution business, in partnership with top financial institutions, continues to see strong growth momentum with an annualised run rate of Rs 29,000 crores (roughly USD 3.6 billion) in August, and it continues to work towards its mission of driving financial inclusion by offering easy-to-access loans to its users.
The number of loans disbursed grew 246 per cent year-on-year to 6.0 million loans in the two months ended August 2022, while the value of loans disbursed grew 484 per cent year-to-year to Rs 4,517 crore (roughly USD 568 million), the fintech solution company said in a regulatory filing to the stock exchanges earlier this week.
Coming to merchant payments volume, it grew 72 per cent to Rs 2.10 lakh (roughly 26 billion) crore year-on-year during the two months that ended in August.
"The Paytm Super App continues to see heightened consumer engagement for the company's comprehensive payment offerings," it said, adding that the average MTU (monthly transacting users) during the two months grew by 40 per cent to 78.8 million.
Further, the firm's offline payments vertical too saw substantial growth. It has so far deployed 4.5 million devices at merchant stores across the country.
"With our subscription as a service model, the strong adoption of devices drives higher payment volumes, subscription revenues as well as merchant loan distribution," the filing said.
The huge scale-up in lending and offline payments continues to put the company on track as it aims to achieve operating profitability by the quarter ending September 2023.
Meanwhile, Vijay Shekhar Sharma was reappointed as Paytm Managing Director and Chief Executive Officer as 99.67 per cent of shareholders voted in favour of him.
One97 Communications, which owns the brand Paytm, India's leading digital payments and financial services company and the pioneer of QR and mobile payments, recently held its 22nd Annual General Meeting (AGM) -- the first as a publicly listed company.
( With inputs from ANI )
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