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One97 Communications, the parent entity of leading Indian mobile payments and financial services company Paytm, has filed its operating metrics for October and November.

The company reported that the annualised run rate for the loan distribution business is now ₹39,000 crore, or $4.8 billion, and its value of loans disbursed grew 374% year-on-year growth during the two months ended in November 2022, according to a filing.

It reported a value of Rs 6,292 crore, or $774 million, and that the number of loans disbursed was at 6.8 million cumulative, at a growth of 150% when compared to a year ago.

“We see a significant growth runway given low current penetration, while we continue to work with our partners to remain focused on the quality of the book,” said the company in the filings.

In its offline payments, the company claims to have more than 5.5 million merchants now paying subscription for payment devices.

“We continue to strengthen our leadership in offline payments,” the company said .

It also mentions that its subscription as a service model sees a strong adoption of devices driving higher payment volumes and subscription revenues, while increasing the funnel for merchant loan distribution.

Focus on payment volumes

Last month, the Reserve Bank of India (RBI) withheld Paytm’s application to provide a payment aggregator service for online merchants. Paytm Payments Services Limited (PPSL), a 100% subsidiary of Paytm, would have to resubmit an application for authorisation to provide payment aggregator service within 120 calendar days.

On the Paytm Super App front, the company continues to see growing consumer engagement with the average monthly transaction users for the two months at 84 million, registering a growth of 33% from the previous year.

It also posted that the total merchant GMV processed through for the two months aggregated to Rs 2.28 lakh crore, marking a growth of 37% from a year ago.

“Our focus over the past few quarters continues to be on payment volumes that generate profitability for us, either through net payments margin or from direct upsell potential,” the company said.

Paytm’s board will be meeting on December 13 to discuss the plan for buyback, according to a filing last week. The fintech giant’s shares also saw a near 68% fall since they started trading on the stock exchange in November last year.

With the end of mandatory lock-in period, Paytm’s shares slid to a record low as the growing concern on profitability rises. SoftBank—one of the company’s early backers—offloaded shares worth over $200 million.