Digital financial services provider Paytm’s insurance arm Paytm Insurtech is set to sell a minority stake to the Swiss reinsurance firm.
Reinsurance provider SwissRe has agreed to invest Rs 92bn ($123m) in India-based digital financial services provider Paytm’s insurance arm, Paytm Insurtech, VCCircle reported on Wednesday.
Approximately $53m of the cash will be provided upfront, with the rest paid in tranches based on the achievement of certain milestones. The deal will give Swiss Re a 23% stake in the business.
Paytm runs a mobile platform that gives users access to banking services and credit, as well as other offerings like insurance…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
