Fintech firm One97 Communications, which operates under the Paytm brand, posted a 37 per cent growth in gross merchandise value at Rs 4.05 lakh crore in the April-June quarter of this year, the company said on Wednesday.

The company's gross merchandise value (GMV), which reflects total payments made to merchants on the platform, was Rs 2.96 lakh crore in the same period a year ago.

"Merchant Payment Volumes (GMV) for the quarter (for three months ended June 2023) stood at Rs 4.05 lakh crore (USD 49.3 billion), YoY growth of 37 per cent," the company said in a regulatory filing.

The value of loan disbursed through Paytm grew over 2.5 times to Rs 14,845 crore, from Rs 5,554 crore a year ago and the volume grew by 51 per cent to 1.28 crore, from 85 lakh during the same period.

"MoM (month-on-month) loan distribution trend in June reflects the higher disbursal in May which included pent-up demand for merchant loans from April due to one of our partners not disbursing as they were upgrading their systems," Paytm said.

The average monthly transacting users grew 23 per cent on a year-over-year basis to 9.2 crore during the reported quarter from 7.5 crore in the June 2022 quarter.

The total subscription merchants base, which the company earns from seeding payment devices, more than doubled to 79 lakh during June 2023 quarter from 38 lakh a year ago.

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