Paytm and its founder, Vijay Shekhar, have now acquiring Raheja QBE General Insurance Company Ltd from the Rajan Raheja Group and Australia QBE Insurance Group Ltd.
Raheja Group Company Prism Johnson Ltd said in a stock exchange filing; it will sell its stake in the insurer to QorQl Pvt Ltd, a technology company majority-owned by the Sharma and Paytm for INR 289.68 crore.
The insurer will leverage the Paytm consumer and merchant ecosystem to build out insurance products, with a view to increasing their reach and adoption.
“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,” Paytm president Amit Nayyar said.
