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The fintech giant’s revenue in Q3FY24 grew 38% year-on-year (YoY) to Rs 2,850 crore while EBITDA before ESOP improved Rs 188 crore
Revenue from payments business jumped 45% YoY to Rs 1,730 crore while net payment margin rose 63% YoY to Rs 748 crore. Merchants paying subscription for Paytm’s payment devices has crossed a crore mark as it stood at 1.06 crore as of December 2023, increasing 49 Lakh YoY while its merchant payments volume (GMV) grew 47% YoY to Rs 5.10 lakh crore.
The company continues to expect strong demand from merchants for its mobile payment acceptance products due to innovative features, superior quality, and strong distribution and service network.
Paytm’s revenue from financial services and other segments went up 36% YoY to Rs 607 crore due to high proportion of personal loans and merchant loans distribution and increasing revenue from insurance broking business. Total number of unique users who took a loan through Paytm platform increased 44 Lakh over the last 1 year to 1.25 crore.
“We see a large opportunity in the high-ticket loan business, with over 20mn users already whitelisted. We piloted this product in Q2 FY 2024 and has scaled up this quarter as we distributed USD 490 Cr of loans. We expect it to accelerate further in coming quarters, as we onboard more lending partners. We are currently working with 2 lending partners for high ticket loans and we expect to add at least 3-4 more lending partners QI FY 2025,” said the company in a stock exchange filing.
In the payments sector, the company aims to reinforce its acquiring leadership through a multi-device strategy. Additionally, it will focus on new use cases such as Credit on
Within financial services, it is focusing on expanding high-ticket loans seeking new lending partners. Paytm is diversifying its offerings expanding embedded insurance and merchant insurance services, along with cross-selling equity trading to the Paytm consumer base.
Paytm’s Average Monthly Transacting Users (MTU) for Q3FY24 grew 18% YoY to 10 Crore as adoption of mobile payments for consumers in India continues.
The company continues to monetize Paytm app traffic in its
Moreover, Paytm is expediting the adoption of Artificial Intelligence (AI) to enable the rapid deployment of features within the core tech and product functions. Additionally, the company’s board has approved its investment of Rs 100 crore in GIFT City for the development of an AI-driven cross-border remittance solution and to establish an innovation-focused development center. The company’s board has also approved its joint development agreement with ACE builders to set up a campus in Noida in its pre-allotted land, which will require no expenditure from Paytm.