Indian fintech giant Paytm has recently announced its financial performance for Q2 FY24, recording a significant increase in revenue by 32% to Rs 2,519 crore for Q2 FY24.
The company has also managed to reduce its losses to Rs 292 crore, a significant improvement from the Rs 571.5 crore loss in the previous year.
The company said the growth in revenue can be attributed to an increase in GMV, merchant subscription revenues, and the growth of loans distributed through their platform. Notably, no UPI incentives were booked during this quarter, the company said.
Revenue from Paytm's payments business witnessed a 28% YoY growth, amounting to Rs 1,524 crore. As of September, the fintech giant reported about 92 lakh merchants subscribing to its services, marking a substantial increase YoY.
The company's operational income, or adjusted EBITDA (excluding ESOP expenses), witnessed a positive swing. It rose by Rs 319 crore YoY, registering Rs 153 crore, a stark contrast to the Rs 166 crore loss in the same quarter of the previous fiscal year.
Paytm's foray into the lending sector seems working as it has disbursed loans worth Rs 16,211 crore during the quarter. The revenue from financial services, including loans, saw a 64% YoY growth, reaching Rs 571 crore.