The loan distribution business of Paytm’s parent One97 Communications scaled to 6.8 million loans disbursed during October and November, implying a 150 percent growth on a year-on-year basis, the fintech company said in a regulatory filing on Monday. This aggregates to loan disbursements of Rs 6,292 crore ($774 million, y-o-y growth of 374 percent).

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On a month-on-month basis, the value of loans disbursed by Paytm rose from Rs 3,236 crore in November from Rs 3,056 in October while the number of loans disbursed remained the same. Prior to this, in the July to September quarter of the fiscal, the company's loan disbursements stood at Rs 7,313 crore.

The total merchant gross merchandise value (GMV) processed through Paytm’s platform for the two months aggregated to Rs 2.28 lakh crore, a growth of 37 percent, the firm said. However, it must be noted that GMV has declined for November on a month-on-month basis as it stood at Rs 1.18 lakh crore in October.

The company added that loan disbursals were at an annualised run rate of Rs 39,000 crore ($4.8 billion) in November.

“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,” it said.

Paytm’s offline payments with merchants paying subscription (for payment devices) have exceeded 5.5 million. Meanwhile, consumer engagement is at its highest on Paytm Super-App with average monthly transacting users (MTU) at 84 million for October and November, which is up 33 percent y-o-y, according to the company’s statement.

The October-November business update comes days after Paytm's management said it is confident of turning cash flow positive in the next 12-18 months. During the analyst meet, the management also assured of strong growth and of achieving breakeven on an adjusted EBITDA basis by September 2023. Adjusted EBITDA does not include one-time expenses like an exceptional item, restructuring charges or share-based compensations.