Alibaba-backed Paytm on Wednesday denied any move to buy a stake in Yes Bank and added that it will launch insurance brokerage in the first quarter of 2020.

In an exclusive interview to CNBC-TV18's Priya Sheth, Vijay Shekhar Sharma, founder, said the company is planning to invest Rs 10,000 crore over the next three years and Paytm already got billion-dollar.

Sharma said, "Paytm's payment business which became bank business in 2020 will extend to insurance and lending businesses. So, we hope as a company or a group that we would be able to extend ourselves in a few more verticals. "Insurance brokerage, life insurance, general insurance every window is open."

On Yes Bank, he said, "We have a bank in our eco-system and we have a very happy, healthy, hearty bank. We are not here for acquiring a stake in any bank neither individually nor as a company."

First Published:Jan 8, 2020 7:22 PM IST