Paytm sets up general insurance JV, plans to invest ₹950 cr in 10 years

Paytm has announced a Joint Venture general insurance company named as Paytm General Insurance Ltd (PGIL).

Paytm parent One97 Communications said it has formed a joint venture general insurance company in which it plans to invest ₹950 crore in 10 years and to hold upfront equity stake of 74 per cent. PGIL will become a subsidiary of the Paytm. PGIL will seek a license for a general insurance business from the insurance regulator IRDAI.