Paytm hits new milestone with 8.5 million loans in first quarter, Super app sees record 76 million

Paytm, a provider of financial services and mobile payments, reached a new lending milestone in the first quarter of FY23 by recording 8.5 million loans. The platform saw payments from Paytm at an annualised run rate of Rs. 24,000 crore (US$ 3 billion). During this time, downloads of the company's Super-App peaked at 76 million.

The number of loans disbursed through Paytm's platform surged 492% YoY to 8.5 million loans in the quarter under review, and the value of loans disbursed increased 779% YoY to Rs. 5,554 crore (US$ 703 million), according to the company's regulatory filing.

The volume of total merchant payments showed significant growth for the organisation. Approximately Rs. 2.96 lakh crore (US$ 37 billion) in total merchant GMV was processed over the Paytm platform in the first quarter of FY23, representing a YoY rise of 101%.

With 74.8 million average monthly transacting users (MTU), a rise of 49% YoY, Paytm set new benchmarks for user engagement.

With the deployment of 3.8 million devices in merchant establishments all throughout the country during the quarter, Paytm maintained its leadership in offline payments.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.