On Monday, Paytm said that the value of loans disbursed through its platform rose 779% year-on-year, or nine-fold, to Rs 5,554 crore ($703 million) in the June quarter of 2022 (Q1). Meanwhile, its loans and disbursements hit an annualised run rate of over Rs 24,000 crore in June.

The number of loans issued rose 492% year on year to 8.5 million in June 2022, up from 1.4 million a year earlier.
The company also said that user engagement on the Paytm Super App is on the rise, with an average monthly transaction user (MTU) of 74.8 million in the first quarter, up 49% year-on-year. MTU hit 75.9 million in June alone.

“The rapid growth of our loan products has created attractive profit pools for us. We also saw an increase in average note size due to the expansion of our loan business,” the company said in a regulatory filing.

In the quarter ended June 2022, the total merchant GMV processed through its platform was approximately Rs 2.96 trillion ($37 billion), an increase of 101% year-on-year.

“We continue strengthening our leadership in offline payments, deploying 3.8 million devices across merchant stores across the country. Widespread adoption of devices is also associated with more merchants eligible for loans from our platform,” the company said.

Shares of the company hit an intraday high of Rs 718.95 per share, up 2.83% from the previous close. Shares of the company closed at Rs 709.35 per share, up 1.47% from the previous close.