Paytm’s shares were upbeat on Tuesday morning as the company posted its operating business updates for July-August.
What Happened: The company’s added 42 lakh paying merchants for its payment devices taking the total number to 87 lakh. The number almost doubled from the 45 lakh subscribers it reported in August 2022.
The company had yesterday launched another iteration of its payment device that can also accept card payments.
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The loan distribution business, in collaboration with prominent lenders, marked a 137% year-on-year increase in total loan amount disbursed through the platform in July and August, reaching ₹10,710 crore. Total loans grew from 60 lakh in August 2022 to 88 lakh this August, an increase of 47%
The payment giant’s average monthly transacting users stood at 9.4 crore for the quarter to date (average for July & August 2023) up 20% year on year.
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Price Action: Paytm’s share price was up 0.99% to trade at ₹865.20 shortly after markets opened on Tuesday
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