Paytm acquires Raheja QBE

Digital payment platform Paytm recently announced the acquisition of general insurance firm Raheja QBE. The latter is a joint venture between Prism Johnson Limited and QBE Insurance Group and began operations in 2009.

Prism Johnson Ltd approved divestment of its entire holding of 51 per cent in Raheja QBE General Insurance Company Limited (RQBE) to QORQL Private Limited, a technology company with majority shareholding by Paytm founder Vijay Shekhar Sharma and the remaining held by Paytm (owned by One97 Communications Limited), for an aggregate consideration of Rs 289.68 crore.

Leading digital payments platform Paytm along with its founder Vijay Shekhar

“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,” Amit Nayyar, Paytm president, said in a statement.