Private Equity

Other Private Equity/Strategic Investments

Global reinsurance major Swiss Re to buy 23% stake in Paytm Insuretech for Rs.920-Cr

PTI  

Zurich-based reinsurance major Swiss Re is to buy a 23% stake in Paytm Insuretech (PIT), the insurance arm of digital payments unicorn Paytm, for about INR 920 crore. Swiss Re will invest via equity shares and compulsorily convertible preference shares - approximately INR 397.3 crore upfront, and the remaining in tranches, subject to fulfilment of certain milestones. Paytm founder Vijay Shekhar Sharma will also make an investment in PIT in his personal capacity along with Swiss Re. The latest deal follows the acquisition of Raheja QBE by PIT.