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Leading payments and financial services company Paytm on Wednesday said it has achieved a new milestone in offline payments with 6.8 million devices deployed, while consumer engagement is the highest on the Paytm Super App at 90 million average monthly transacting users.

The merchant gross merchandise value (GMV) for the quarter (for three months ended March 2023) grew 40 per cent YoY to Rs 3.62 lakh crore ($44 billion).

Loan distribution, in partnership with lending partners, also witnessed accelerated growth with disbursements of Rs 4,468 crore (increased 206 per cent YoY) in March 2023, according to the company as it announced its business operating performance for Q4FY23.

The company said in its stock exchange filing that "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 Paytm Super App continues to drive higher user engagement for the company's comprehensive payment services.

The average monthly transacting users (MTU) for the quarter at 90 million, registering a growth of 27 per cent YoY, reflects a continued expansion of Paytm's consumer base.

Paytm's loan distribution business, in partnership with top financial institutions, continues to gain scale.

The total number of loans disbursed surged 82 per cent YoY to 11.9 million in the quarter with 4.1 million loans (63 per cent growth YoY) disbursed in the month of March 2023 through the Paytm platform.

"Our payments consumer and merchant base offers a large addressable market, thereby providing a long runway for growth. We continue to work with our partners to remain focused on the quality of the book," the company said.

In the last quarter, Paytm achieved its milestone of operating profitability, much ahead of its September 2023 guidance.

The fintech giant's EBITDA before ESOP cost stood at Rs 31 crore with EBITDA before ESOP margin at 2 per cent of revenues as compared to (27 per cent) a year ago.

Paytm's revenue from operations increased 42 per cent YoY to Rs 2,062 crore in Q3FY23, driven by growth in its core payments business and sustained growth momentum in credit business and commerce business.