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Paytm says its loan distribution business continues to scale

Paytm stock was trading 0.35 percent higher at Rs 711 a piece on the BSE on Tuesday afternoon.

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Mumbai: One 97 Communication, the parent company of Paytm, on Tuesday said that its loan distribution business scaled to 6 million loan disbursals during the two months ending August 2022 aggregating to loan disbursements of Rs 4,517 crore.

“Our loan distribution business (in partnership with top lenders) continues to witness accelerated growth with disbursements through our platform now an annualized run rate of over Rs 29,000 crore in August,” One 97 Communication said in a stock exchange filing on BSE.

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The digital finance company said that the number of loans disbursed grew 246 percent year-on-year to 6 million loans in the two months ended August 2022, while the value of loans disbursed grew 484 percent year-on-year to Rs 4,517 crore.

“We continue to work with our partners to review the evolving macro environment and accordingly moderation may be expected in our growth. That said, we continue to see ample growth and upsell opportunities in this business and are focusing on the quality of the book.

Paytm stock was trading 0.35 percent higher at Rs 711 a piece on the BSE on Tuesday afternoon.

As per the latest data, Paytm’s total merchant GMV (gross merchandise value) processed through its platform for the two months ended August 2022 aggregated to Rs 2.10 lakh crore marking a year-on-year growth of 72 percent.

“We continue to strengthen our leadership in offline payments, with the deployment of 4.5 million devices at merchant stores across the country,” the company said

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