Raheja QBE will be acquired through QorQl Pvt. Ltd, a technology
company in which Vijay Shekhar Sharma has majority shareholding.
Paytm
and its CEO Vijay Shekhar Sharma will acquire Raheja QBE, a Mumbai-based
private sector general insurer, for nearly Rs 290 crore to expand the digital
payments company's financial services.
Raheja QBE, which started operations in 2009, is a joint venture between Prism Johnson Limited and QBE Insurance Group, one of Australia’s largest insurers. Raheja QBE employees would continue working in Mumbai and other places, said the company.
According to
regulatory filings made by Prism Johnson, Raheja QBE will be sold "to
QORQL Private Limited, a technology company with majority shareholding of Vijay
Shekhar Sharma and remaining held by Paytm (owned by One97 Communications
Limited), for an aggregate consideration of Rs. 289.68 Crores".
One97 is the
parent company of Paytm. The acquisition is expected to close by March 31,
2021, depending on approvals from the Insurance Regulatory and Development
Authority of India (IRDAI).
"It is an
important milestone in Paytm’s financial services journey, and we are very
excited to welcome Raheja QBE General Insurance into the Paytm family. Its
strong management team will help us accelerate our journey of taking insurance
to the large population of India with the aim to create a tech-driven,
multi-channel general insurance company with innovative and affordable
insurance products,” said Paytm president Amit Nayyar.
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