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One97 Communications, the parent entity of mobile payments and financial services company Paytm,

has posted around 17 percent increase in annualised run rate (ARR) of loan disbursals to around Rs 34,000 crore in September.

According to the regulatory filing released by the company, the number of loans disbursed grew 224% Y-o-Y to 9.2 million in the quarter ended September 2022, while the value of loans disbursed grew 482% Y-o-Y to Rs 7,313 crore ($894 million).

“We continue to see growth and upsell opportunities in this business, while we work with our partners to remain focused on the quality of the book,” the company stated.

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“We continue to strengthen our leadership in offline payments, with deployment of 4.8 million devices at merchant stores across the country. With our subscription as a service model, the strong adoption of devices drives higher payment volumes, and subscription revenues, while increasing the funnel for our merchant loan distribution,” it added.

Apart from loan distribution business, Paytm Super App also continues to see heightened consumer engagement for the company’s comprehensive payment offerings. 

The company’s average monthly transaction user (MTU) for the quarter ended September 2022 increased 39% to 7.97 crore on a Y-o-Y basis.

“The total merchant GMV processed through our platform for the quarter ended September 2022 aggregated to Rs 3.18 lakh crore ($39 billion), marking a Y-o-Y growth of 63%,” Paytm said in the statement.

Earlier this year, Paytm stated that it had 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. It posted an annualised run rate of loan disbursals of about Rs 29,000 crore in August.

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