Shares of Paytm were trading higher in early trade on Monday after the company released its operational updates for the month of April and May.

What Happened: The company’s Average Monthly Transacting Users (MTU) stood at 9.2 crore in the April-May period up 24% from the 7.4 crore MTU it reported in the same period last year. The payment giant also said that it added 4 lakh new subscribers to its merchant payment soundbox service in May 2023. As of May 2023, the service has a total of 75 lakh paid subscribers.

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The total merchant gross merchandise volume processed through its platform in the April-May period was ₹2.65 lakh crore, marking a year-over-year growth of 35%.

The company’s loan distribution business (in partnership with large lenders) saw massive growth as total disbursements through the platform for the quarter to date (for Apr & May) grew 169% YoY to ₹9,618 crore. The tech startup currently has 7 lending partners and aims to onboard 3-4 partners in FY24 (April 2023 – March 2024).

Price Action: Paytm share price was up 0.063% to trade at ₹717.45 in the early hours of trading on Monday.

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