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The number of loans disbursed through the company's platform zoomed 94% YoY to 7.9 million cumulative loans in two months ended February 2023, while the value of loans disbursed grew 286% YoY to Rs 8,086 crore ($979 million).
Paytm said that its loan distribution business (in partnership with top lenders) continued to witness an accelerated growth with disbursements through its platform for January and February 2023.
The company added that its payments consumer and merchant base offers a large addressable market, thereby providing a long runway for growth, while it continue to work with its partners to remain focused on the quality of the book.
Paytm stated that it continues to strengthen its leadership in offline payments, with 6.4 million merchants now paying subscription for payment devices, an increase of 0.3 million in the month of February 2023. With company subscription as a service model, the strong adoption of devices drives higher payment volumes and subscription revenues, while increasing the funnel for its merchant loan distribution.
The Paytm Super App continued to see growing consumer engagement with the average MTU for the two months ended February 2023 at 89 million, registering a growth of 28% YoY.
The total merchant gross merchandise value (GMV) processed through the firm's platform for the two months ended February 2023 aggregated to Rs 2.34 lakh crore ($28.3 billion), marking a YoY growth of 41%. The company said that it focus over the past few quarters continues to be on payment volumes that generate profitability for the firm, either through net payments margin or from direct upsell potential.
One 97 Communications is the digital financial services firm which operates under the Paytm brand. Paytm is India's payment super app offering consumers and merchants comprehensive payment services.
The company reported consolidated net loss of Rs 392 crore in Q3 FY23 as compared with net loss of Rs 778.40 crore in Q3 FY22. Net sales jumped 41.6% year on year to Rs 2062.20 crore in Q3 FY23. In Q3 FY23, EBITDA before ESOP cost was at 31 crore as compared with negative Rs 393 crore in Q3 FY 2022 and negative Rs 166 crore reported in Q2 FY 2023. EBITDA before ESOP cost margin improved to 2% of revenues in Q3 FY23 from negative 27% of revenues in Q3 FY22 and negative 9% of revenues in Q2 FY23.
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