Paytm's GMV up 131% to $11.2 billion in Oct as festive-time spends rise

 The company, in a disclosure to the exchanges, said that the growth was driven by the festive season and an increase in the number of merchants and consumers

One97 Communications, the parent company of fintech firm Paytm, reported that its gross merchandise value (GMV) for the month of October touched Rs 832 billion (around $11.2 billion), a growth of 131 per cent on a year-on-year (y-o-y) basis. The company was listed on the Indian bourses last week.

The company, in a disclosure to the exchanges, said that the growth was driven by the festive season and an increase in the number of merchants and consumers, adoption of new products, transactions for both online and in-store merchants, and deployed devices.

For the quarter ended September 31, 2021, the GMV grew 107 per cent y-o-y at Rs 1,956 billion.

The company further states that its monthly transacting users (MTU) have consistently grown in FY21 and in the first two-quarters of FY22, and the trajectory has continued in October 2021 with 63 million MTUs, a growth of 35% y-o-Yy over the 47 million MTUs in October 2020.

Paytm also declared in the disclosure that the company’s board will be meeting on November 27 to consider the financial results of the company. “We hereby inform you that a meeting of the board of directors of One 97 Communications Limited (the ‘Company’) will be held on Saturday, November 27, 2021, inter alia, to consider and approve the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended on September 30, 2021, along with the limited review report of the auditors for the corresponding period.”

The trend of growth in Paytm’s GMV / MTU has continued to grow and in October 2021 its monthly GMV / MTU increased to Rs 13,217 ($177), a growth of 71% over Rs 7,736 ($104) for the month of October 2020.