One 97 Communications posts 37% growth in GMV during the Q1 of FY24!

One 97 Communications (Paytm) has posted 37% growth in gross merchandise value (GMV) at Rs 4.05 lakh crore in the April-June quarter of this year. The company’s gross merchandise value, which reflects total payments made to merchants on the platform, was Rs 2.96 lakh crore in the same period a year ago. 

The value of loans 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% to 1.28 crore, from 85 lakh during the same period. The average monthly transacting users grew 23% 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. 

Earlier, the company announced a partnership with one of the largest retail NBFCs in India, Shriram Finance Limited to offer financial services to its users including loan products. Through this partnership, Shriram Finance’s products will be made available on Paytm’s platform digitally to further expand access to credit and drive financial inclusion in the country.  

One 97 Communications (Paytm) is India’s leading digital ecosystem for consumers and merchants as it has built the largest payments platform in India based on the number of consumers, number of merchants, number of transactions, and revenue.  

Today, the stock opened at Rs 846.10, with a high and low of Rs 861.90 and Rs 846.10. The stock is trading at Rs 855, up by 2.12%. The shares of the company have gained over 50% in the last six months and investors should keep a close eye on this stock.