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Fintech company Paytm on Tuesday said it disbursed more loans in July and August 2022 compared with the year-ago period, signalling continued “growth momentum” in its lending business.

Paytm disbursed six million loans through its online platform, up 246% from July and August last year. It added that the total value of loans disbursed also rose—484%—to Rs 4,527 crore.

Its lending business is now at an annualised run rate of Rs 29,000 crore, the company said in a stock exchange filing.

The fintech major has been making conscientious efforts to grow its lending business unit to shore up its revenue, especially after UPI hit its payments business.

Paytm said it has also reached “a new milestone” in offline payments, having deployed over 4.5 million devices now.

Its GMV (gross merchandise value) for the two months ending August 2022 was Rs 2.10 lakh crore, up 72% year-on-year.

Paytm’s Karnataka premises was recently subjected to a raid by the Enforcement Directorate as part of the department’s ongoing problem against “illegal” instant smartphone-based loans “controlled” by Chinese persons.

The federal probe agency said it has seized Rs 17 crore worth of funds kept in “merchant IDs and bank accounts of these Chinese persons-controlled entities” during the raids.

Paytm, in a statement on Sunday, said it did not have any link with the merchants under the ED scanner, and that it was fully cooperating with authorities.