listed on domestic bourses last week, said its gross merchandise value — or payments made to merchants through its platform — jumped 131% to $11.2 billion last month from a year earlier.
The growth was aided by festive season spending, the company said in a filing with the BSE on Sunday night. The GMV does not include peer-to-peer payments.
“Our strong operating performance continued in the month of October 2021, with increasing numbers of consumers and merchants transacting on our ecosystem, increasing frequency of transactions and increasing adoption of our different products and services,” One97 Communications, parent of , said in the filing. The company said it will announce its September quarter results on November 27.
The Noida-based firm had
made a disappointing debut on the bourses Thursday, when its shares
tanked 27% from the IPO issue price to close at Rs 1,564.15 on the BSE. Investors and analysts have had their own scepticism over Paytm’s ability to generate revenue from several of its business verticals where competition is increasing too.
According to Paytm, its lending and device business has also seen continuous adoption in October with a total base of 1.4 million devices last month with merchants, compared with 1.3 million at the end of the September quarter.
“The October 2021 month saw continued increase in adoption across our different financial services products. The lending business continued to show very strong growth as a result of rapid scale up of all of our lending products, including Postpaid, consumer loans and merchant loans,” Paytm said in the filing. Through its financial institution partners, the company issued 1.3 million loans in October worth $84 million. This is an increase of 472% in the number of loans and 418% in value, compared with October last year.
Paytm added that it took a cautious approach on loan disbursals following the second wave of the Covid-19 pandemic, but the disbursals “almost doubled” with over 2.8 million loans in the second quarter of FY22 compared with the preceding quarter.