Digital payments and financial services company Paytm plans to get a new general insurance license with a new app.
According to the company’s exchange filing, Paytm Insuretech Private Limited, the associated company of Paytm, has entered into a share purchase agreement to acquire 100% of Raheja QBE General Insurance Company Limited. the
The company offered a majority stake with an initial 74% stake.
“We intend to seek the required approvals for a new general insurance license, in which we hold a 74% controlling interest from the outset,” the company said.
According to Paymentthe company’s lending business has an annualized run rate of Rs 20,000 crore.