Digital payment and financial services firm Paytm on Wednesday said that its associate, Paytm Insuretech Private Ltd (PIT), has entered into a strategic partnership with Switzerland-based reinsurance major Swiss Re.

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Swiss Re will buy a 23 percent stake (by way of equity shares and compulsorily convertible preference shares) in Paytm Insuretech for about Rs 920 crore, Paytm said in a statement.

Paytm Insuretech plans to leverage Paytm’s customer base and merchant ecosystem to develop innovative insurance products and offer best-in-class solutions. As part of Paytm's financial inclusion offering, this partnership is in furtherance of the company's mission to bring half a billion Indians into the mainstream economy.

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Paytm’s Vijay Shekhar Sharma, chairman, managing director & CEO of One 97 Communications, said, "We are excited to partner with Swiss Re for our insurance foray as a key strategic investor. It is an important milestone in our financial services journey of taking general insurance products to the masses. We look forward to gaining from Swiss Re’s global insurance capabilities and building innovative products to tap into the Indian market."

Swiss Re is investing alongside Paytm’s Vijay Shekhar Sharma. This follows the announcement of the acquisition of Raheja QBE by Paytm Insuretech Pvt Ltd The investment by Swiss Re and the acquisition of Raheja QBE by Paytm Insuretech Pvt Ltd are subject to regulatory approvals.

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(Edited by : Jomy Jos Pullokaran)

First Published:Oct 27, 2021 3:40 PM IST