Raheja QBE General Insurance – the Indian joint venture between QBE Insurance Group and Prism Johnson Ltd, or what used to be known as Prism Cement – will have a sole owner in the form of Paytm Group.
The latter is acquiring 100% of Raheja QBE through technology company QorQl Pvt Ltd, which is majority owned by Paytm founder chief executive Vijay Shekhar Sharma. Based in Mumbai, Raheja QBE is currently 49% under the ownership of QBE.
According to QBE Australia Pacific CEO Vivek Bhatia, the divestment marks both the beginning of an exciting chapter for what he described as a strong team at Raheja QBE and a continuation of the Sydney-headquartered insurance group’s strategy to simplify its business.
Commenting on Paytm’s swoop, president Amit Nayyar stated: “It is an important milestone in Paytm’s financial services journey, and we are very excited to welcome Raheja QBE General Insurance into the Paytm family.
“Its strong management team will help us accelerate our journey of taking insurance to the large population of India with the aim to create a tech-driven, multi-channel general insurance company with innovative and affordable insurance products.”
Raheja QBE’s offerings include private car, two-wheeler, health, property, and liability insurance.