Paytm and its CEO Vijay Shekhar Sharma will acquire Raheja QBE, a Mumbai-based private sector general insurer, for an undisclosed amount to expand the digital payments company's financial services.
Raheja QBE will be acquired through QorQl Pvt. Ltd, a technology company in which Sharma has majority shareholding. Paytm will hold rest of the insurer.
The acquisition is subject to customary conditions, including, approval from the Insurance Regulatory and Development Authority of India (IRDAI).
"It is an important milestone in Paytm’s financial services journey, and we are very excited to welcome Raheja QBE General Insurance into the Paytm family. Its strong management team will help us accelerate our journey of taking insurance to the large population of India with the aim to create a tech-driven, multi-channel general insurance company with innovative and affordable insurance products,” said Paytm president Amit Nayyar.
Raheja QBE, which started operations in 2009, is a joint venture between Prism Johnson Limited and QBE Insurance Group, one of Australia’s largest insurers. Raheja QBE employees would continue working in Mumbai and other places, said the company.
"We are happy to announce the sale transaction of our entire 51 percent stake in Raheja QBE General Insurance Company Limited. Our decision to sell our stake in Raheja QBE is in line with our mission to create sustainable shareholder value and will enable us to focus our resources on our core businesses. This move will help the insurance business scale up to new heights by leveraging the large customer base and innovative products offered by Paytm," said Vijay Aggarwal, Managing Director Prism Johnson Ltd.
Paytm company plans to leverage its consumer base and merchant ecosystem to innovate insurance products and services.
Raheja QBE will be acquired through QorQl Pvt. Ltd, a technology company in which Sharma has majority shareholding. Paytm will hold rest of the insurer.
The acquisition is subject to customary conditions, including, approval from the Insurance Regulatory and Development Authority of India (IRDAI).
"It is an important milestone in Paytm’s financial services journey, and we are very excited to welcome Raheja QBE General Insurance into the Paytm family. Its strong management team will help us accelerate our journey of taking insurance to the large population of India with the aim to create a tech-driven, multi-channel general insurance company with innovative and affordable insurance products,” said Paytm president Amit Nayyar.
Raheja QBE, which started operations in 2009, is a joint venture between Prism Johnson Limited and QBE Insurance Group, one of Australia’s largest insurers. Raheja QBE employees would continue working in Mumbai and other places, said the company.
"We are happy to announce the sale transaction of our entire 51 percent stake in Raheja QBE General Insurance Company Limited. Our decision to sell our stake in Raheja QBE is in line with our mission to create sustainable shareholder value and will enable us to focus our resources on our core businesses. This move will help the insurance business scale up to new heights by leveraging the large customer base and innovative products offered by Paytm," said Vijay Aggarwal, Managing Director Prism Johnson Ltd.
Paytm company plans to leverage its consumer base and merchant ecosystem to innovate insurance products and services.
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