Paytm & Its founder acquires insurance company Raheja QBE
Mumbai, July 6, 2020: Leading digital payments platform Paytm & its founder Vijay Shekhar Sharma acquire Mumbai-based private sector general insurance company Raheja QBE.
Started in 2009, Raheja QBE is a joint venture between Prism Johnson Limited and QBE Insurance Group, one of Australia's largest insurers.
Prism Johnson Ltd approved divestment of its entire holding of 51 percent in Raheja QBE General Insurance Company Limited (RQBE) to QORQL Private Limited, a technology company with majority shareholding by Sharma and the remaining held by Paytm (owned by One97 Communications Limited), for an aggregate consideration of around $40 million (Rs 289.68 crore).
"It is an important milestone in Paytm's financial services journey and we are very excited to welcome Raheja QBE Gene...