new Delhi. India's domestic financial technology company Paytm and its founder Vijay Shekhar Sharma have announced the acquisition of private sector general insurance company Raheja QBE. The deal will require the insurance regulator IRDAI and other necessary approvals. Raheja QBE started its business in 2009. It is a joint venture between Prism Johnson Limited and Australia's largest insurance company, QBE Insurance Group. Paytm has said that all the employees of Raheja QBE will continue to work in Mumbai and other places, they will not be fired.
Paytm said in a statement that this strategic acquisition QorQl Pvt. Ltd. Will be done by It is a technology company with majority shareholding by Vijay Shekhar Sharma and the rest with Paytm. After providing payment bank service to crores of Indians, now Paytm is fully ready to provide general insurance service.
Paytm has a large consumer base and merchant ecosystem with comprehensive information on consumer behavior. The company will leverage its reach to provide innovative insurance products and services.
Paytm Chairman Amit Nair said that this is an important step in Paytm's financial services journey and we are thrilled to welcome QBE General Insurance to the Paytm family. Its strong management team will help in our journey of delivering insurance to large population of India. We are moving towards the goal of becoming a technology-driven, multi-channel general insurance company with innovative and affordable insurance products.
Vivek Bhatia, Chief Executive Officer of QBE Australia Pacific said that today's announcement marks a new beginning for QBE's strategy to simplify our business and for our strong team at Raheja QBE.
This post was published on July 6, 2020 12:02 pm
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