Loans

Paytm disburses 2.7 million loans in Oct-Nov 2021, up 414% y-o-y

Paytm disburses 2.7 million loans in Oct-Nov 2021, up 414% y-o-y
Written by Publishing Team

Paytm, which was listed on the stock exchanges last month, said on Monday that the number of loans granted through its platform increased 414 percent year on year to 2.7 million loans in the first two months (October-November) of the current quarter.

In an update on its operating performance for the third quarter (updated for November), the company said the value of loans disbursed through the Paytm platform increased 375 percent year-on-year to 1,320 crore ($178 million) in the first two months of the quarter. 2021).

He added that fueled in part by increased consumption in the holiday season, there was growth across both lending products, such as Postpaid Paytm, personal loans and merchant loans.

Also Read: Paytm Payments Bank Receives Scheduled Bank Status from RBI

You might remember that in the quarter ending September 30, 2021, Paytm disbursed 2.84 million loans, up 714 percent from 0.35 million loans in the same last fiscal quarter. The value of loans disbursed in the September quarter 2021 was ₹1,260 crore, up 499 per cent over ₹210 crore disbursed in the same last fiscal quarter.

On November 26 this year, Paytm launched a new credit card in partnership with HDFC Bank, after announcing their partnership in September 2021.

total merchandise value

Paytam said the momentum of growth in gross merchandise value (GMV) continues in the first two months of the current quarter, due to strong performance during the holiday season, which continues after the holiday season.

GMV processed through its platform for the first two months of the quarter which aggregated to ₹1.67 thousand crore ($22.4 billion), growth of 129 per cent year-on-year over ₹72,800 crore in the first two months of Q3 fiscal 2021 .

Users transacting monthly

Paytm said it had 63.2 million monthly transaction users (MTUs) in the first two months of the current quarter, a 36% year-over-year growth compared to an average of 46.6 million MTUs in the first two months of the third quarter of last fiscal year.

Also, the total number of devices spread across its merchant base has increased from 0.9 million as of June 30, 2021 to 1.3 million as of November 30, 2021, according to Paytm.

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