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HomeBusiness & FinancePaytm planning to enter General Insurance: Read Details

Paytm planning to enter General Insurance: Read Details

Paytm in General Insurance: Paytm, the country’s largest digital payment company, announced on Saturday that it will soon form a General Insurance Company. Paytm UPI Payment has crores of customers across the country. In such a situation, now the company has taken a big decision. Now she is soon going to start her own general insurance company. A plan to invest in Paytm has also been prepared for this insurance company.

For this, the company will invest about Rs 950 crore in the next 10 years. Paytm has informed the stock exchanges that Paytm has named this general insurance company as Paytm General Insurance Limited. The board of directors of One97 Communications has also given approval for this company. Let us tell you that Paytm has decided to enter the insurance field after the non-acquisition of Raheja QBE General Insurance Company Limited.

Insurance company will have 74 percent stake in the company
Giving information about this general life insurance company, Paytm has said that initially 49 percent stake of the insurance company will be with One97 Communications. At the same time, the remaining 51 percent of the company’s stake will be with the company of Paytm’s Managing Director Vijay Shekhar Sharma. After this, after the completion of the process of investment in the company, the stake of Paytm will be around 74 percent with this insurance company. With this, Paytm will become the largest shareholder of this insurance company.

Vijay Shekhar Sharma will continue as Managing Director of Paytm
Let us tell you that the current Managing Director of Paytm, Vijay Shekhar Sharma has been selected by the company for the post of Managing Director for the next five years. Along with this, Paytm has announced that Madhur Deora has been made whole-time director for the next five years.

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