Paytm sets up life, general insurance units
, ET Bureau|
Updated: Feb 23, 2018, 09.01 AM IST
BENGALURU: Paytm parent company One 97 communications has created two new entities to cater to insurance, months after getting a corporate agency license from Insurance Regulatory Development Authority of India.
The two new entities, named Paytm Life Insurance Corporation Ltd and Paytm General Insurance Corporation Ltd, were incorporated on February 21, as per filings with the Ministry of Corporate Affairs.
Both entities have a share capital Rs 1,000,000 each, with Paytm founder Vijay Shekhar Sharma and One 97 Communications holding majority shares.
The IRDAI had granted a corporate agency license to One 97 Communications in September last year.
Paytm had applied for a composite license with the IRDA to sell products of both life and general insurers.
These are the latest entities created by One 97 Communications. Last year, it set up Paytm Financial Services to offer financial products and Paytm Money for wealth management.
The Softbank-backed company had also launched a payments bank last year, and also separated its ecommerce businesses into a separate entity under Paytm Mall.
The two new entities, named Paytm Life Insurance Corporation Ltd and Paytm General Insurance Corporation Ltd, were incorporated on February 21, as per filings with the Ministry of Corporate Affairs.
Both entities have a share capital Rs 1,000,000 each, with Paytm founder Vijay Shekhar Sharma and One 97 Communications holding majority shares.
The IRDAI had granted a corporate agency license to One 97 Communications in September last year.
Paytm had applied for a composite license with the IRDA to sell products of both life and general insurers.
These are the latest entities created by One 97 Communications. Last year, it set up Paytm Financial Services to offer financial products and Paytm Money for wealth management.
The Softbank-backed company had also launched a payments bank last year, and also separated its ecommerce businesses into a separate entity under Paytm Mall.
