Paytm says it disbursed 246% higher loans in July and August, valued at Rs 4,517 crore

fintech Payment said on Tuesday it disbursed more loans in July and August 2022 compared to the year-ago period, signaling continued “growth momentum” in its lending business.

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

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

The big fintech has made dutiful efforts to grow its lending business unit to shore up its revenue, especially after UPI launched its payments business.

Paytm said it has also reached “a new milestone” in offline payments, having rolled out more than 4.5 million devices to date.

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 premises in Karnataka were recently raided by the Directorate of Law Enforcement as part of the department’s ongoing concern over ‘illegal’ smartphone instant loans ‘monitored’ by criminals. Chinese.

The Federal Investigative Agency said it seized Rs 17 billion funds kept in “trader IDs and bank accounts of these Chinese-controlled entities” during the raids.

Paytm, in a statement on Sunday, said it had no ties to merchants under the ED scanner and was cooperating fully with authorities.

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