NEW DELHI: Paytm, owned by One 97 Communications Limited, along with Vijay Shekhar Sharma is set to acquire Raheja QBE. The acquisition is subject to approval from the Insurance Regulatory and Development Authority of India (IRDAI).
qqThe company said that all employees of Raheja QBE would continue working at Mumbai and other locations.
This acquisition is through QorQl Pvt. Ltd, a technology company with majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm. Paytm will use its large consumer base and merchant ecosystem to innovate insurance products and services to accelerate its reach and adoption.
In a statement, Amit Nayyar, President, Paytm said, "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.”
Vijay Aggarwal, Managing Director, Prism Johnson Ltd., in a statement, said, "We are announcing the sale transaction of our entire 51 percent stake in Raheja QBE General Insurance Company Limited. This move will help the insurance business scale up to new heights by leveraging the large customer base and innovative products offered by Paytm."
qqThe company said that all employees of Raheja QBE would continue working at Mumbai and other locations.
This acquisition is through QorQl Pvt. Ltd, a technology company with majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm. Paytm will use its large consumer base and merchant ecosystem to innovate insurance products and services to accelerate its reach and adoption.
In a statement, Amit Nayyar, President, Paytm said, "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.”
Vijay Aggarwal, Managing Director, Prism Johnson Ltd., in a statement, said, "We are announcing the sale transaction of our entire 51 percent stake in Raheja QBE General Insurance Company Limited. This move will help the insurance business scale up to new heights by leveraging the large customer base and innovative products offered by Paytm."
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