当前位置:首页 > golf > 正文内容

Paytm expands financial services play, buys Raheja QBE General Insurance

admin1个月前 (07-08)golf119
Paytm expands financial services play, buys Raheja QBE General Insurance Paytm expands financial services play, buys Raheja QBE General Insurance golf Paytm, which is backed by China’s internet giant Alibaba, says insurance is a part of its journey to drive financial inclusion

Digital payments platform Paytm is set to expand into insurance, with the acquisition of Mumbai-based Raheja QBE General Insurance.

Currently, Prism Johnson holds 51 per cent stake in Raheja QBE, while the remaining 49 per cent stake is owned by QBE Australia.

This acquisition, estimated to be close to Rs 570 crore, is being done through QorQ1, a technology company, in which Paytm’s founder and CEO Vijay Shekhar Sharma holds a majority stake and the rest is held by Paytm.

The company is currently in the process of fulfilling customary conditions, including approval from the insurance regulator IRDAI, it said.

Paytm launched in 2010 as a prepaid DTH and mobile phone recharge platform. Over the period, it has expanded beyond just payments, launching the mobile wallet in 2014 and a payments bank in 2017. A consumer shopping app Paytm Mall was also launched in the same year. In 2018, Paytm launched a dedicated platform for mutual fund investments.  

Paytm, which is backed by China’s internet giant Alibaba, says insurance is a part of its journey to drive financial inclusion and it will help it reach out to millions of users, merchant partners and other stakeholders with innovative products.

In 2017, Paytm’s parent company One97 Communications had entered the corporate agency business to sell policies of several insurance companies. Earlier this year, it surrendered the corporate agency licence to acquire an insurance broking licence and had tied up with over 20 insurance firms. The acquisition of Raheja QBE will allow Paytm to market and sell its own insurance products.

“It is an important milestone in Paytm’s financial services journey. Its (Raheja QBE) 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 Amit Nayyar, president of Paytm.

For India’s Prism Johnson, selling the entire 51 per cent stake in Raheja QBE is a part of its plan to focus on its core areas.

“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,” said Vijay Aggarwal, MD of Prism Johnson.

Paytm was the early mover in digital payments space, but has to yet report a profit amid stiff competition off-late from newer players like PhonePe and GooglePay.

Paytm Payment’s bank though has been profitable for the last two years; it reported a net profit of close to Rs 30 crore in the financial year 2019-2020.

Also read

  • Paytm Mall eyes expansion, in talks for stake in Grofers
  • PayTM founder to forego salary for two months, to give proceeds to staff
  • Paytm in talks to raise another $1 billion in funding: Sources
  • Paytm raises $1 billion new funding round, valuation now $16 billion

扫描二维码推送至手机访问。

版权声明:本文由甘肃快三发布,如需转载请注明出处。

转载请注明出处:http://garicomm.com/post/238.html

相关文章

Yes Bank to raise up to Rs 15,000 crore through FPO; offer to open on Jul 15

Private sector lender Yes Bank on Thursday said it has filed a red herring pr...

Is Kishore Biyani close to selling Future Retail stake to Reliance?

Is Kishore Biyani close to selling Future Retail stake to Reliance?

If latest reports are to be believed, Reliance Industries is likely in the front seat to acqui...

World Bank clears $500 million loan for education program in six Indian states

World Bank clears $500 million loan for education program in six Indian states

Representative image | Reuters The World Bank on Sunday said its Board of...

AirAsia India gets DGCA show cause notice over safety violation claims

AirAsia India gets DGCA show cause notice over safety violation claims

Representational Image | Salil Bera Aviation regulator DGCA has issued a...

Amazon India to hire 20,000 temporary staff in customer support

Amazon India to hire 20,000 temporary staff in customer support

Representational image | Reuters E-commerce retailer Amazon India has cre...

发表评论

访客

◎欢迎参与讨论,请在这里发表您的看法、交流您的观点。