Paytm enhances Loan Disbursals by 749%; lends 2.6 Mn loans worth $221 Mn

Paytm

Paytm has said to have grown its lending business to 2.6Mn loan disbursals worth $221 Mn with a growth of 749% in a year. In the quarter ending March 2022, the company disbursed 6.54 Mn loans worth INR 3,553 CR with a growth of 417% in a year.

The startup also scaled its offline payments business with 3.2 Mn point of sale and other devices deployed, the company said. An average rate of 300K device deployments per month has been noticed across Paytm’s merchant base.

“We expect this growth to contribute to a rise in the number of merchants eligible for loans,” the company said in a BSE filing.
The Bengaluru based fintech startup’s gross merchandise value (GMV) jumped 104% year-on-year to INR 2.59 Lakh Cr in the fourth quarter of FY22. In April 2022 alone, the total merchant GMV processed through Paytm aggregated to INR 0.95 Lakh Cr ($12.7 Mn), marking a year-on-year growth of 102%.

The Vijay Shekhar Sharma-led company offers several payment instruments including a wallet, FASTag services, net banking and UPI. The payments bank claims to power 33.3 Cr wallets and enables consumers to make payments at over 87,000 online merchants and 2.11 Cr in-store merchants.

In April 2022, Paytm also crossed INR 1 Lakh Cr UPI transaction volume mark, still holding a little over 10% of the UPI market share.

“Our lending business (in partnership with top lenders) continues to grow at a rapid pace. The number of loans disbursed through our platform grew 449% y-o-y to 2.6 million loans in April 2022, while the value of loans disbursed grew 749% y-o-y to Rs 1,657 Cr ($221 million), an annualised run-rate of approximately Rs. 20,000 crores. We are also seeing increases in average ticket size due to the scale-up of the personal loans business in particular,” said the company in the filing.

The company also said that it continues to maintain its stronghold in the offline payments business with the deployment of 3.2 million devices in stores, with an average rate of 300,000 deployments per month. “We expect this growth to contribute to a rise in the number of merchants eligible for loans,” said the statement.

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