Paytm sustained to scale its credit business with expenditures of Rs 4,158 crore ($503 million) in February 2023, year on year of 254%, with the number of loans increasing 86% from the last year to 40 lakhs.

According to its monthly presentation update, the company’s consumer base increased, with average Monthly Transacting Users (MTU) of 8.9 crores for the quarter-to-date, growing 28% over February 2022.

For the quarter-to-date (January and February 2023), Paytm’s Merchant Payment Volumes (GMV) mounted at Rs 2.34 lakh crore ($28.3 billion), at an on-year growth of 41%.

“Number of merchants reimbursing subscription for payment devices like Soundbox has touched 64 lakhs as of February 2023,” the company said in an exchange filing.

In Q3FY23, Paytm’s revenue rose 41% to Rs 2,062 crore associated with the year-ago period, while net loss pointed to Rs 392 crore from Rs 778 crore.

In a letter to shareholders, Paytm Founder and CEO Vijay Shekhar Sharma said that the company had accomplished operating profitability in Q3, three quarters ahead of the leadership for the September quarter. Since then, the stock has increased by 12%.

At 9:20 am, the stock was quoted at Rs 588 per share on the NSE, 0.8% lower from the preceding close.