Paytm Insuretech raises Rs 920 crore from Swiss Re

IPO-bound Paytm’s insuretech unit Paytm Insuretech on Wednesday raised Rs 920 crore from reinsurance giant Swiss Re in a strategic deal through a mix of equity shares and compulsorily convertible preference shares.

Swiss Re will invest Rs 397.3 crore upfront, and the remaining will be in tranches subject to fulfilment of certain milestones. Swiss Re will also pick up an aggregate stake of 23% in Paytm Insuretech on a fully diluted basis, both firms said in a statement.