We have announced our Q2FY24 results today. We continued our momentum with 32% YoY revenue growth to ₹2,519 Cr, led by an increase in GMV, merchant subscription revenues, and growth of loans distributed through our platform. There are no UPI incentives booked during the quarter as we book UPI incentives after the government issues the gazette notification, which is typically in H2 of the financial year. Our loss for the quarter reduced 49% YoY to ₹292 crore from ₹571 crore.
Our EBITDA before ESOP cost has almost doubled to ₹153 Cr as compared with ₹84 Cr in Q1FY24 (excluding UPI incentives). On a yearly basis, we posted an improvement of ₹319 Cr in EBITDA before ESOP costs. Our EBITDA before ESOP margin stood at 6% on account of an increase in contribution margin and operating leverage. We have managed to increase EBITDA while investing for growth. As we continue to see opportunities to garner market share, and our profitability remains on track, we are choosing to invest in growth.
Driven by an increase in merchant subscription revenue, a jump in GMV, and growth in loan disbursements, our growth momentum continues. Our payments revenue increased 28% YoY to ₹1,523 Cr, while our payments profitability improved with net payment margin expanding 60% YoY to ₹707 Cr. Due to the increase in GMV of non-UPI instruments like Postpaid, EMI, and cards, and improvements in payments processing margin on these non-UPI instruments, our net payment processing margin has further improved and is now at the top end of the 7-9 bps range. In Q2FY24, our merchant payments volume (GMV) grew 41% YoY to ₹4.5 Lakh Cr.
Revenue for financial services and others grew 64% YoY to ₹571 Cr in Q2FY24. The total number of unique borrowers, who have taken a loan through our platform, has increased by 51 Lakh in the last year to 1.18 Cr. The number of loans distributed through our platform grew to 1.32 Cr, an increase of 44% YoY, while the value of loans distributed surged to ₹16,211 Cr, up by 122% YoY across our three product offerings — Paytm Postpaid, Personal Loans, and Merchant Loans. We disbursed loans in partnership with marquee lenders. With the onboarding of Tata Capital, we now have 9 NBFCs and banks for our credit card and loan distribution business.
We continue to monetise our app traffic in the Commerce and Cloud segment by providing marketing services to merchants. In Q2FY24, our Commerce & Cloud revenue grew by 12% YoY to ₹423 Cr. Our contribution profit of ₹1,426 Cr represents a growth of 69% YoY driven by an increase in net payments margin and loan distribution revenues, while our contribution margin improved to 57% from 44% a year ago. Our indirect expenses (excluding ESOP cost) have increased 26% YoY to ₹1,273 Cr due to an increase in investments in marketing and employees. Indirect expenses (as a % of revenues), has declined to 51%, from 53% in Q2FY23.
We witnessed robust growth in subscriber base that has nearly doubled in the last one year while our merchant base has grown to 3.8 Cr. Our leadership in payment monetisation continues with 92 lakh devices (91% growth YoY) and 14 Lakh QoQ, both Soundbox and Paytm Card Machines deployed. We have added 44 lakh merchant subscriptions in the past one year through the expansion of distribution and service networks. As the adoption of digital payments for consumers and merchants in India continues, user engagement on our platform continues to grow with average Monthly Transacting Users (MTU) of 9.5 Cr, a jump of nearly 19% YoY. With 33% YoY growth in Paytm App GMV and 32% YoY growth in Paytm App transaction volume, consumer engagement on the Paytm app continues to remain strong.
Strengthening our leadership further in in-store payments, we recently launched three new Soundbox devices for merchants — Pocket Soundbox, Music Soundbox, and Card Soundbox, leading the technology for small shops. Our Made-in-India, All-in-One Pocket Soundbox is the first-of-its-kind device for merchants, who are always on the move. Another indigenous device, Paytm Music Soundbox combines business with entertainment, while Paytm Card Soundbox empowers merchants to accept both mobile and card payments across all RuPay, Visa, Mastercard, and Amex networks through its iconic Soundbox with ‘tap and pay’ feature.