Indian e-commerce firm Paytm buys out Raheja QBE General Insurance

Former owners Prism Johnson and Australia's QBE will divest.

Indian e-commerce payments firm Paytm has acquired a 100% stake in Raheja QBE General Insurance for $76m, according to an announcement.

The acquisition was made through tech firm QorQI which is majority-owned by Paytm CEO Vijay Shekhar Sharma.

Building materials firm Prism Johnson, who owns 51% stake in the insurer, has agreed to divest. The divestment will result in the termination of its joint venture with Australian insurer QBE, who owns the remaining 49%.