Paytm, a leading provider of financial services and payments, has released its business operating performance data for the first quarter (covering the months of July and August). With 87 lakh devices deployed, the fintech behemoth maintains its dominance in payment monetisation. experiencing a 4.9 lakh device rise in a single month, greatly enhancing payment monetisation and securing its dominance in in-store payments.
Paytm is introducing more modern technologies to small businesses all around the nation with its ground-breaking innovations. In the past several months, the firm has introduced several new Soundbox gadgets, including the Paytm Music Soundbox, Paytm Pocket Soundbox, and as of August, the Paytm Card Soundbox.
The significant device uptake, according to Paytm's subscription as a service business model, "drives subscription revenues and higher payment volumes, while increasing the funnel for our merchant loan distribution." With a gain of 20% YoY in monthly transacting users (MTUs) to 9.4 crore, the tech innovator demonstrates a continuous expansion of their client base and increase in consumer engagement for (the period of July-August).
The entire amount of sales on Paytm increased as well, with GMV growing by 43% year over year to Rs 3 lakh crore ($36.3 billion). According to the company's most recent exchange filing, it continues to see growth in the GMV of non-UPI instruments like EMI and cards, and its focus is still on payment volumes that bring in profits for the business, either through net payments margin or from potential direct upsells.
The total loans given on Paytm's platform, in collaboration with top banks and NBFCs, increased by 137% year over year to Rs 10,710 crore ($1.3 billion). For the quarter as a whole, the total number of loans disbursed via the Paytm App increased by 47% YoY to 88 lakh.
According to Q1FY24 statistics, Paytm experienced a 39 percent YoY gain in revenue from operations, reaching Rs 2,342 crore. This growth was primarily attributable to increased growth in loan disbursements, a considerable increase in GMV, and an increase in merchant subscription income. The company has maintained operational profitability for three consecutive quarters, and its EBITDA before ESOP cost increased to Rs 84 crore.
