Update On One 97 Communications Ltd By Motilal Oswal
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Robust growth in GMV and loan disbursals continues
One 97 Communications Ltd (Paytm) released its monthly update highlighting key business numbers for Nov’21. The following are the takeaways:
* The total gross merchandise value (GMV) continued to grow strongly, maintaining robust traction over Oct–Nov’21. Total GMV grew 127% YoY to INR834b in Nov’21 (129% YoY to INR1.7t over 2M of 3QFY22).
* Average Monthly Transacting Users (MTU) grew 36% YoY to 63.2m over 2M of 3QFY22 (from 57.4m as of Sep’21).
* Monthly GMV per transacting user continued to increase, reaching 69% YoY to INR13,181 in Nov’21 (INR11,369 in Sep’21).
* The total devices deployed grew to 1.6m in Nov’21 v/s 0.5m in Nov’20; this stood at 1.3m in Sep’21. The number of merchant partners stands at 23m in 2QFY22 v/s 18.5m in 2QFY21.
* The total number of loans disbursed grew 371% or 4.7x YoY to ~1.4m in Nov’21 (up 5.1x to 2.7m over 2M of 3QFY22 v/s 2.8m in 2QFY22). The total value of loans disbursed grew 331% or 4.3x YoY to INR6.9b in Nov’21 (up 4.7x to INR13.2b over 2M of 3QFY22 v/s INR12.6b in 2QFY22). This was driven by a rapid scale-up in Buy-Now-Pay-Later, consumer loans, and merchant loans.
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