One97 Communications, the Paytm parent, has seen a 169 per cent jump in its loan distribution business during the first two months of this fiscal.

Sharing operating metrics for April and May, the Vijay Shekhar Sharma-led company said its loan distribution business which is in partnership with top lenders, continues to witness accelerated growth with disbursements through the platform for the two months rising 169 per cent over the previous year period to Rs 9,618 crore from Rs 3,576 crore.

Paytm added that the number of loans disbursed in the two months also surged 54 per cent to Rs 85 lakh. The company further disclosed that it currently has seven large lending partners and aims to onboard 3-4 partners in this financial year, even as the focus continues to improve the quality of its lending book.

On some of the other metrics, the company said that its average monthly transacting users (MTU) stood at 9.2 crore during these two months, registering a growth of 24 per cent over the previous year period.

As it strengthens its leadership in offline payments, Paytm added that it has achieved a new milestone with 75 lakh devices deployed, an increase of 4 lakh devices in the month of May.

“With our subscription as a service model, the strong adoption of devices drives subscription revenues and higher payment volumes, while increasing the funnel for our merchant loan distribution,” the company said.

According to the company, it is seeing consistent growth in merchant payments volume with the total merchant gross merchandise value processed through the platform for the two months aggregating to Rs 2.65 lakh crore.