One 97 Communications Ltd, the operator of Paytm, India’s largest digital payments provider, saw loan volumes rise 150% in October-November from a year earlier.

The fintech major said in a stock exchange filing on December 12, “Our loan disbursement business (in partnership with top lenders) is witnessing accelerated growth with disbursements through our platform now at an annualised rate of Rs 39,000 crore in November. “

“The value of loans disbursed grew 374% YoY to Rs 6,292 crore ($774 million), while the number of loans disbursed grew 150% year-on-year (YoY) to 6.8 million cumulative loans for the two months ending November 2022. Given the low current penetration, we see a significant growth runway as we continue to work with our partners to focus on book quality.”

The total merchant GMV processed through Paytm in the two months to November 2022 reached Rs 22.8 trillion ($28 billion), up 37% year-on-year. “Over the past several quarters, our focus has been on payment volume that generates profit for us either through net payment margin or directs upsell potential,” the company said.

In November 2022, Paytm merchant payment device users increased by 3.9 million year-on-year. The company now has more than 5.5 million merchants using the payment device. “Through our subscription-as-a-service model, broad device adoption drove higher payment volumes and subscription revenue while increasing our commercial loan distribution pipeline,” it said.

The company also saw strong growth in monthly transacting users (MTUs). Paytm Super App has witnessed a surge in consumer engagement with an average MTU of 84 million for the two months ending November 2022, up 33% year-on-year. Shares of Paytm closed at Rs 545.00 per share on the BSE on Friday, up 7.2%, while the benchmark Sensex settled 389.01 points or 0.62% higher at 62,181.67.