Business

Paytm: Now this company will try its hand in the field of insurance, will invest about Rs 950 crore in the next 10 years

Paytm has named this general insurance company as Paytm General Insurance Limited.

The country’s largest digital payments company Paytm announced that it will soon launch a general insurance company. Paytm UPI Payment has lakhs of customers across the country. In such a situation, the company has taken a big decision. Now she is soon going to start her own general insurance company. Along with this, the insurance company is also planning to invest in Paytm.

According to the information, this company will invest about Rs 950 crore in the next 10 years in insurance. Paytm has informed the stock exchange that Paytm has named this general insurance company as Paytm General Insurance Limited. The board of directors of One97 Communications has also approved the company. It may be noted that Paytm has decided to enter the insurance sector after the acquisition of Raheja QBE General Insurance Company Limited.

Giving information about this general life insurance company, Paytm said that initially One97 Communications will hold 49% stake in the insurance company. The remaining 51 per cent stake in the company will be held by Paytm Managing Director Vijay Shekhar Sharma’s company. After the completion of the investment process in the company, Paytm’s stake in this insurance company will be around 74 percent. With this Paytm will become the largest shareholder of this insurance company. Paytm’s current Managing Director Vijay Shekhar Sharma has been selected by the company as the Managing Director for the next five years.

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