Paytm gave loans worth Rs2,090 crore in July; stock tumbles ~5%

12 Aug 2022 , 10:30 AM

One 97 Communications Limited (Paytm) announced that its Loan distribution business scales to 2.9 million total loan disbursals during the month of July 2022, up by 296% y-o-y. This sums up to a total loan value of Rs2,090 crore ($264 million) during the month, reflecting a y-o-y growth of 512%.

Company’s loan distribution business has an annual run-rate of Rs25,000 crore, and it has a strong belief that there is plenty of room for upsell. It further stated that it is just being cautious about the book’s quality (especially given the possibility of macro headwinds).

Paytm’s offline payments leadership strengthens as the total number of devices deployed exceeds 4.1 million.

Company reported that consumer engagement is at its highest on Paytm Super-App with average monthly transacting users (MTU) at 77.6 million for the month of July 2022, up by 41% on a y-o-y basis.

Company witnessed an 82% yoy jump in merchant payment volumes (GMV) for the month at Rs1.06 lakh crore ($13 billion).

At around 10.35 AM, One 97 Communications was trading at Rs780 down by 5.51% from its previous closing of Rs825.50 on the BSE. The scrip opened at Rs820 and touched intraday high and low of Rs820 and Rs775 respectively.