Paytm says it disbursed 15.2 million loans
On Sunday, according to
data released by Paytm's parent company One97 Communications,
indicated that the company disbursed 15.2 million loans in fiscal year 2022 (FY22), a more than five-fold increase from FY21, when the total number of loans disbursed on the platform was 2.6 million. According to data issued by the company on Sunday, the total value of loans disbursed in FY22 was Rs 7,623 crore.
According to the report, in the month of April 2022, the loans disbursed were Rs 1,657 crore. Even though One97 Communications' stock price is 75 percent lower than its IPO price of Rs 2,150 per share, the company's operating metrics are improving.
One97 Communications informed in its stock exchange filings that "we are also experiencing increases in average ticket size owing to the scale-up of the personal loans business in particular." Paytm partners with financial institutions to offer personal loans, merchant lending, and postpaid, its buy-now-pay-later (BNPL) product. The company said, “We continue to maintain our stronghold in the offline payments business with 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."