While updating the exchanges about its operational efficiency, One97 Communications mentioned it had disbursed Rs 4,468 crore in loans in March alone, greater than what it clocked within the March quarter a yr earlier. The firm disbursed 4.1 million loans this March, by means of companions.
In the March quarter a yr earlier, the corporate had reported complete mortgage disbursals of Rs 3,553 crore.
This comes at a time when rival PhonePe has began pilots to supply service provider loans on its platform by means of companions. The firm’s cofounder and chief govt, Sameer Nigam, confirmed the event to ET.
Nigam additionally mentioned that the corporate was seeking to apply for a non-banking finance firm (NBFC) licence.
For Paytm, common month-to-month transacting customers (MTU) stood at 90 million for the March quarter, up 27% year-on-year, averaging figures for the three months that resulted in March 2023.
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Subscription units resembling Soundbox and point-of-sale (PoS) machines reached 6.8 million as of March 2023, a rise of 1 million for the quarter, the corporate mentioned. “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 inventory submitting acknowledged.
The firm had distributed 2.9 million Soundbox units as of March 2022.
Total fee worth (TPV) processed by retailers on the platform stood at Rs 3.62 lakh crore for the quarter ended March 2023, amounting to 40% year-on-year development, it added.
Total service provider TPV stood at Rs 2.59 lakh crore for Paytm within the March quarter a yr earlier.
“Our focus over the past few quarters continues to be on payment volumes that generate profitability for us, either through net payments margin or from direct upsell potential,” mentioned One97 Communications.
Source: economictimes.indiatimes.com