The money was to be used to fund the Raheja QBE acquisition and invest in Paytm’s general insurance business, Paytm Insuretech Pvt. The original reason for the loan was for Vijay to invest in the insurance company that he had acquired (Raheja QBE) through Paytm Insurtech. “We had certain timelines to meet on the buy plans (of Raheja QBE). According to Deora, PIT has signed the agreement to acquire Raheja QBE, in which Sharma and OCL are shareholders. With the launch of Paytm Insurtech, OCL now plans to manufacture general insurance products for its consumers, apart from being a distributor and broker of insurance, through Paytm Insurance Broking Pvt.

Source: Mint October 29, 2021 10:26 UTC