BENGALURU : Switzerland-based reinsurance company Swiss Re will invest ₹920 crore ($127 million) in Paytm’s general insurance business for a 23% stake on a fully diluted basis, the Noida-based financial services company said on Wednesday. Swiss Re will invest ₹397.3 crore ($52.9 million) upfront in Paytm Insuretech Pvt. Swiss Re’s investment comes more than a year after Paytm entered the general insurance business through the acquisition of Mumbai-based general insurance company Raheja QBE for ₹568 crore. “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.

Source: Mint October 28, 2021 05:12 UTC