One 97 Communications, the parent entity of Paytm said that the Paytm group intends to file for a new general insurance license.
In a regulatory filing, it said, “Paytm remains bullish on its roadmap for general insurance, and we intend to seek requisite approvals for a new general insurance license, wherein we hold a 74% majority shareholding upfront.”
Earlier, Paytm had expressed its intention to buy majority stake in Raheja QBE General Insurance but it has terminated its plan to acquire the non-life company.
Paytm Insuretech, an associate company had earlier entered into a share purchase agreement to acquire 100% of Raheja QBE General Insurance. However, since the share sale and purchase failed to consummate within the envisaged timeline, the agreement terminated automatically.
Apart from payment aggregation business, Paytm is also a distributor financial product including general insurance.
