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Swiss Re buys 23% stake in Paytm Insuretech for Rs 920 Crore

Digital payments and financial services firm Paytm announced on Wednesday that its partner, Paytm Insuretech Private Ltd (PIT), has entered into a strategic partnership with Swiss reinsurance firm Swiss Re.

Swiss Re will buy a 23% stake (through equity and mandatory convertible preferred stock) in Paytm Insuretech for around Rs 920 crore, Paytm said in a statement.

Paytm Insuretech plans to leverage Paytm’s customer base and merchant ecosystem to develop innovative insurance products and deliver the best solutions. As part of Paytm’s financial inclusion offer, this partnership pursues the company’s mission to integrate half a billion Indians into the traditional economy.

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Vijay Shekhar Sharma of Paytm, President, CEO and CEO of One 97 Communications, said: “We are delighted to partner with Swiss Re on our foray into insurance as a key strategic investor. This is an important step in our journey from financial services to insurance products for the greatest number. We look forward to leveraging Swiss Re’s global insurance capabilities and creating innovative products to tap into the Indian market.

Swiss Re invests alongside Vijay Shekhar Sharma of Paytm. This follows the announcement of the acquisition of Raheja QBE by Paytm Insuretech Pvt Ltd. The investment by Swiss Re and the acquisition of Raheja QBE by Paytm Insuretech Pvt Ltd are subject to regulatory approvals.

(Edited by : Jomy Jos Pullokaran)

First publication: STI



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