On Monday, digital platform Paytm reported over two-fold rise in its gross merchandise value to about Rs 1,66,600 crore in the first two months of the third quarter of this fiscal, driven by a sharp uptick in loan disbursals.

One97 Communications Ltd, the parent company which owns and operates the brand Paytm, had recorded a GMV (gross merchandise value) of Rs 72,800 crore in the corresponding period a year ago.

Paytm refers to GMV as the value of total payments made to merchants through transactions on its app, through Paytm payment instruments or its payment solutions, over a period. It excludes any consumer-to-consumer payment services such as money transfers.

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“Growth momentum in GMV continues in the first two months of the quarter, due to strong performance during the festive season, which continues festive postseason,” the company said in a regulatory filing.

The number of loans disbursed from the Paytm platform increased over four times to 27 lakh during the reported period, from 5.30 lakh a year ago.