Paytm launches joint venture general insurance firm

This comes after its initial intent to purchase a non-life business fell through.

India’s digital financial services firm One97 Communications Limited (OCL), which operates the Paytm brand, has formed a joint venture general insurance company in which it has committed to invest $120m over a period of 10 years.

This decision to form a JV general insurance company came at the back of Paytm’s failed attempt to purchase shares to acquire Raheja QBE General Insurance Company Limited.

In the joint venture, OCL will hold a 49% stake in Paytm General Insurance Limited (PGIL) whilst 51% will be held by VSS Holding Private Limited (VHPL), which is owned by OCL managing director Vijay Shekhar Sharma.

However, after the investment commitment, Paytm will hold 74% stake in PGIL, reducing VHPL’s stake to 26%.

The proposal to set up the JV general insurance firm was approved by Paytm’s board on 20 May, according to the group’s regulatory filing.

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