New Delhi: India’s leading payments and financial services company Paytm witnessed roboust expansion on the Paytm app with average monthly transacting users for July 2023 growing 19% YoY to 9.3 crore. Paytm stocks closed on Friday at Rs 797 apiece with 3% increase in the intra-day trade.
Paytm strengthens its leadership in in-store payments with 82 Lakh devices deployed, growth of 101% YoY. The company has added 3.8 Lakh devices in a month as it achieves new milestones in in-store payments.
“We are bringing technology to India’s small shops with the launch of two new innovative devices – Paytm Pocket Soundbox, a debit-card sized device for merchants on the go, and Paytm Music Soundbox, which allows merchants to connect their phone to it to play music or listen to match commentary,” Paytm said in its exchange filing.
The company continues to witness growth in merchant payment volumes with total GMV processed through its platform for July 2023 was ₹1.47 Lakh Cr ($17.9 billion), marking a YoY growth of 39%. Paytm in its exchange filing highlighted,“We continue to see increase in GMV of non-UPI instruments like EMI and cards. We are focused on payment volumes that generate profitability for us, either through net payments margin or from direct upsell potential.”
The fintech giant’s lending vertical continues to witness healthy growth with total loans distributed through its platform, in partnership with its top financial institutions, growing 148% YoY to ₹5,194 Cr ($632 million). The number of loans disbursed increased 46% YoY to 43 lakh in the month of July 2023. “We continue to work with our partners to ensure superior credit quality for loans distributed through us. To ensure that portfolio performance of our lending partners improves despite economic uncertainties, our credit disbursement growth will be deliberately calibrated over the next quarter or two,” the company in its stock exchange filing said.
In its recently announced Q1FY24 results (April-June 2023), Paytm reported a 39% YoY growth in revenue from operations to ₹2,342 Cr, driven by an increase in merchant subscription revenue, jump in GMV, and growth in loan disbursements. The company reported an operating profit for the third straight quarter. Its EBITDA before ESOP cost has improved to ₹84 Cr as compared to ₹52 Cr in Q4FY23 (excluding UPI incentives).
