Swiss Re To Invest Rs 920 Crore In Paytm’S Insurance Unit
10/27/21, 8:01 AM
Location
noidaMoney raised
₹9.2 billion
Industry
finance
Bengaluru: IPO-bound Paytm on Wednesday said Zurich-based reinsurance giant Swiss Re will invest Rs 920 crore in its insurance unit Paytm Insuretech Pvt. Ltd (PIT), for a 23% stake. Swiss Re will first invest around Rs 397 crore upfront and the remaining capital will come in tranches subject to fulfilment of certain milestones in PIT. The deal is subject to regulatory approval, the company said.
Company Info
Location
noida, uttar pradesh, india
Additional Info
Paytm is India's leading payments app, pioneering the digital revolution in the country. With over 20 million merchants and businesses accepting payments digitally through Paytm, the platform is trusted by more than 300 million Indians to pay at stores, settle bills, recharge services, send money, and book movies and travel tickets. As Paytm continues to innovate in financial services and products, it remains committed to its mission of bringing 500 million unserved and underserved Indians into the mainstream economy.