On July 06, 2020, Indian e-commerce payment system Paytm & QorQl Pvt. Ltd, a Healthcare startup company with majority shareholding of Paytm founder Vijay Shekhar Sharma, is set to acquire Mumbai (Maharashtra)-based private sector general insurer Raheja QBE General Insurance Company Limited in a deal worth around $76 million (or Rs 570 crore).
Raheja QBE is a joint venture of India’s Prism Johnson (51%) and QBE Australia (49% ).
Post acquisition:
Following the acquisition, Sharma, who owns 51% stake in QorQI, will hold the same stake in Raheja QBE, with the remaining 49% owned by Paytm.
The acquisition will require further approvals other than the approval of Insurance Regulatory and Development Authority of India (IRDAI).
Paytm will innovate in insurance products and services:
Raheja QBE’s all employees would continue to work from its offices in Mumbai and other places. Paytm will innovate in insurance products and services using QBE’s customer base to increase their reach and acceptance.
About Paytm:
Headquarters– Noida, Uttar Pradesh
President– Amit Nayyar
About Raheja QBE General Insurance:
Location– Mumbai, Maharashtra
CEO– Pankaj Arora
