Paytm recorded a spike of 401% in its lending business and a 37% year-on-year growth in its Gross Merchandise Value (GMV) during the Q3 of FY2022, One97 Communications, Paytm’s parent organization, notified in a regulatory filing on Monday.
The Gross Merchandise Value, which is the value of total payments made by merchants through transactions on any payment app, is crucial in determining the performance of any company.
According to the regulatory filing, Paytm reported a surge of 37% in monthly transacting users (MTU) to 64.4 million in the quarter. Meanwhile, the total number of loans disbursed through Paytm increased to 4.4 million loans, thus marking a surge of 401% in the Q3 of FY 2022. The value of loans disbursed through Paytm during Q3 was recorded at Rs. 2,180 crore, marking a surge of 365% during the period.
The company recorded the growth of GMV processed through Paytm’s platform by 123% to Rs 2,501 billion or $33.6 billion, as compared to the Q3 of FY 2021.
"Growth of GMV continues in Q3 FY 2022 even after the festive season. GMV processed through our platform during the quarter aggregated to approximately INR 2,501 billion ($33.6 billion), growth of 123% Y-o-Y compared to Q3 FY 2021," the company said in the regulatory filing.
As per the regulatory filing, over two million devices were deployed during the quarter in the offline payment form.
“We believe we have the best-in-class devices portfolio and unmatched distribution strength. The total number of devices deployed across our merchant base has increased from 0.9 million as of June 30, 2021, to approximately 1.3 million as on September 30, 2021, to approximately 2.0 million as on December 31, 2021,” it added.
Notably, on Monday, the stock of Paytm was at an all-time low of around Rs 1,157 after the investment banking firm Macquarie downgraded its target price.
Paytm, which was founded in 2010, is a digital payment company that also provides e-commerce and financial services. Paytm registered for its IPO on November 18, with its stocks falling over 27 per cent on its debut day.