Digital payments and financial services firm Paytm on Monday reported over two-fold rise in its gross merchandise value to about Rs 1,66,600 crore in the first two months of the third quarter of this fiscal, driven by sharp uptick in loan disbursals.

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One97 Communications Ltd, the parent company which owns and operates brand Paytm, had recorded GMV (gross merchandise value) of Rs 72,800 crore in the corresponding period a year ago.

Paytm refers to GMV as the value of total payments made to merchants through transactions on its app, through Paytm payment instruments or through its payment solutions, over a period. It excludes any consumer-to-consumer payment services such as money transfers.

"Growth momentum in GMV continues in the first two months of the quarter, due to strong performance during the festive season, which continues post festive season," the company said in a regulatory filing.

The number of loans disbursed from the Paytm platform increased over four times to 27 lakh during the reported period, from 5.30 lakh a year ago.

The value of loan disbursed increased by 375 per cent on a year-on-year (y-o-y) basis to Rs 13,200 crore (USD 178 million) in the first two months of the quarter from Rs 280 crore.

"We have seen across each of the lending products, i.E. Paytm Postpaid, Personal Loans and Merchant Loans. On November 26, 2021, we launched a new credit card in partnership with HDFC Bank, further to the announcement of our partnership in September 2021," the company said.

Paytm posted growth of 36 per cent in monthly transacting users (MTUs) at 6.32 crore during the reported period, from over 4.66 crore average MTUs in the first two months of the same quarter a year ago.