Shares of One97 Communications, Paytm’s parent company, surged more than 2 percent on Monday after the fintech firm’s total loan value jumped sharply during the April-June quarter. Paytm disbursed Rs 84.75 lakh in loans (in partnership with top lenders) in the quarter, registering nearly 30 percent quarter-on-quarter (QoQ) growth or 492 percent YoY, it said in a business update.
Aggregate total loan value of the company is now Rs 5,554 crore for the June quarter, a growth of 779 percent YoY.“Rapid growth of our lending products brings us an attractive profit pool. We are also seeing increases in average ticket size due to the scale-up of the personal loans business in particular,” the company said in its business update.
Paytm also said it continues to strengthen its leadership in offline payments, with the deployment of 3.8 million devices at merchant stores across the country. The strong adoption of devices also has a correlation with the rise in merchants eligible for loans from the Paytm platform, it added.
The firm said the Paytm Super App continued to see heightened consumer engagement for the company’s comprehensive payment offerings.
“We continue to achieve new records in user engagement, with the average monthly transacting users for the quarter at 74.8 million, a growth of 49 percent YoY,” it said.
