Paytm founder Vijay Shekhar Sharma to self-finance stake increase in insurance biz

Bengaluru | Mumbai: Paytm founder Vijay Shekhar Sharma is increasing his shareholding in his company’s insurance venture, where Zurich-based Swiss Re is picking up a 23% stake.

Sharma and two of his holding companies — VSS Holdco and VSS Networks — together will own close to 66% in Paytm Insuretech, according to Paytm’s red herring prospectus and people briefed on the matter. Paytm parent One97 Communications’ shareholding in the insurance arm will come down to a little over 11%. Sources aware of the matter said One97 Communications has also cancelled an approved resolution of lending around $100 million to Sharma for the insurance deal. He will finance the deal on his own, they said.