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Paytm on Monday informed the BSE that its merchant payment volumes (GMV) grew 41% year-on-year in January and February 2023. Run by One 97 Communications, the fintech company’s volumes reached Rs 2.34 lakh crore ($28 billion) in the last two months, according to stock exchange filings.

Headed by Vijay Shekhar Sharma, the company reported an increased deployment of subscription-based devices, including Soundbox and point-of-sale (PoS) machines. Paytm’s merchants, who pay for the company’s subscription-based products, have reached 6.4 million as of February 2023.

“With our subscription as a service model, the strong adoption of devices drives subscription revenues and higher payment volumes, while increasing the funnel for our merchant loan distribution,” Paytm said in the filing.

On Monday, Paytm‘s stock price fell by just over 2%, ending the day at Rs 580.90 per share.

In the last few months, Paytm saw several management changes. Douglas Feagin, Senior Vice President at Ant Group, resigned from the company’s board. He joined Paytm in June 2021 ahead of its initial public offering (IPO) worth $2.3 billion.

Moreover, Amit Khera, Paytm’s secretary and compliance officer, resigned on March 2. Sonali Singh will serve as Paytm’s interim compliance officer from March 15, 2023, the company informed BSE.

Earlier in February, media reports said One 97 Communications is witnessing a rise in its share price both on the NSE and the BSE, as Masayoshi Son’s SoftBank and China’s Ant Group, an affiliate of Alibaba, have discussed selling shares in Paytm through a secondary stock deal.

According to the report, Ant and SoftBank are likely to offload shares gradually in the market as part of their plan to exit the payments firm.