Welcoming Raheja QBE General Insurance into Paytm family to create India’s finest insurance company

We are excited to welcome Raheja QBE General Insurance to Paytm family and are reaffirming our commitment to expand financial services in our country. We are in the process of acquiring 100% stake in the company, which is currently owned 51% by Prism Johnson and 49% by QBE Australia. With this, we also extend a warm welcome to the Raheja QBE team with whom we aim to take insurance products to the grassroots of India.

This strategic acquisition is through QorQl Pvt. Ltd, a technology company with majority shareholding of our Founder CEO — Vijay Shekhar Sharma and remaining held by Paytm. We are in the process of fulfilling customary conditions, including approval from the Insurance Regulatory and Development Authority of India (IRDAI).

At Paytm, we are on a mission to drive the financial inclusion of over half a billion Indians. In this journey, our insurance offerings will help us expand the reach to millions of our users, merchant partners & other stakeholders with innovative products catering to their individual requirements.

Speaking on this strategic acquisition Amit Nayyar, our President believes, “It is an important milestone in Paytm’s financial services journey, and we are very excited to welcome Raheja QBE General Insurance into the Paytm family. 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.”

Commenting on the development, QBE Australia Pacific Chief Executive Officer, Mr. Vivek Bhatia said, “Today’s announcement marks both a continuation of QBE’s strategy to simplify our business and the beginning of a new & exciting chapter for our strong team at Raheja QBE.”

Vijay Aggarwal, Managing Director Prism Johnson Ltd. mentioned, “We are happy to announce the sale transaction of our entire 51 percent stake in Raheja QBE General Insurance Company Limited. 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. This move will help the insurance business scale up to new heights by leveraging the large customer base and innovative products offered by Paytm. I would like to thank Raheja QBE’s management team and all the employees for their strong contribution and commitment over the years and wish them every success.”