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‘s loan sales business surged 357% to Rs 9,958 crore in the third quarter, despite the fintech giant recording sustained growth in payments and customer engagement on its super app. It’s not.
The amount of loans disbursed in December alone surged 330% year-on-year to Rs 3.665 billion, according to a filing with the stock exchange by Paytm’s parent company, One97 Communications Ltd. The company had previously reported that in October and November he had loans of Rs 6.292 billion, up 374% year-on-year.
One97 shares rose 2.10% at Rs 562.95 at 11:20 am on Monday.
Paytm also said consumer engagement was the highest for its super app, with an average monthly transactional user count of 85 million in the December quarter, up 32% from the same period last year.
Increased payment
“Our focus over the past several quarters has remained on profit-generating payment volumes, either through net payment margins or the potential for direct upselling,” the company said in a filing.
Merchant payments processed on Paytm’s platform in the December quarter reached Rs 3.46 crore ($42 billion), an increase of 38% over the same period last year.
The company has seen significant growth in the offline payment space, with 5.8 million merchants now enrolled in its payment devices, up from 2 million devices a year ago.
“With a subscription-as-a-service model, strong device adoption will increase payment volumes and subscription revenues, increasing the funnel of merchant loan distribution,” the company said in a filing.
On Saturday, Paytm Payments Bank received approval from the Reserve Bank of India to appoint Surinder Chawla, the current Head of Banking at RBL Bank’s India branch, as its new Chief Executive Officer.
Last month, the company announced a buyback of around 10 million shares at a maximum of Rs 810 crore per share at Rs 8.5 billion.
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