Swiss Re to buy 23% in Paytm Insuretech

Mumbai: Paytm on Wednesday said Switzerland-based reinsurer Swiss Re will buy a 23 per cent stake in its associate Paytm Insure-tech Pvt Ltd (PIT) for around Rs 920 crore.

“Swiss Re will invest (by way of equity shares and compulsorily convertible preference shares) approx. Rs 920 crore (Rs 397.3 crore upfront, and the remaining in tranches) in Paytm Insuretech Pvt Ltd for an aggregate stake of 23 per cent on a fully diluted basis,” a Paytm statement said.

Through an investment in PIT, Swiss Re and Paytm will work towards closing the insurance protection gap in the market, the statement said.