Raheja QBE, which started its operations in 2009, is a joint venture between Prism Johnson Limited and QBE Insurance Group, one of Australia’s largest insurers.

Prism Johnson Ltd approved divestment of its entire holding of 51 per cent in Raheja QBE General Insurance Company Ltd (RQBE) to QORQL Private Ltd, a tech firm with majority shareholding by Sharma and the remaining held by Paytm (owned by One97 Communications Limited), for an aggregate consideration of Rs 289.68 crore. “It is an important milestone in Paytm’s financial services journey and we are very excited to welcome Raheja QBE General Insurance into the Paytm family,” Amit Nayyar, Paytm president, said. “Its strong management team will help us accelerate our journey of taking insurance to the large population of India with the aim to create a tech-driven, multi-channel general insurance company,” he added. The acquisition is subject to customary conditions, including, approval from the Insurance Regulatory and Development Authority of India.