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<ul><li>Paytm is reportedly in talks to acquire <keyword id="7716572" type="UNKNOWN" weightage="20" keywordseo="insurtech-startup">insurtech startup</keyword> <keyword id="2821957" type="PERSON" weightage="20" keywordseo="Coverfox">Coverfox</keyword> for $120 million. </li><li><keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, Paytm founder and CEO, had earlier in an interview with Business Insider said that they are looking at the <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> sector. </li><li>If closed, this could be one of Paytm’s biggest acquisitions. </li></ul>Paytm which has made its mark in the Indian digital payments space is reportedly looking at acquiring insurtech startup Coverfox for a whopping $120 million, reported <a href="https://tech.economictimes.indiatimes.com/news/startups/paytm-in-talks-to-acquire-coverfox/69625293">ET</a>. The reports say that the talks are in early stages, still. Paytm founder and CEO Vijay Shekhar Sharma had earlier told Business Insider in an interview of their plans to expand financial offerings. “This year, we plan to double down on payments to reach Tier 5 and 6 cities of India. We are also looking at expanding our financial services – Insurance is one of the sectors that we want to get into,” Sharma had told BI. There are over 142 insurtech startups in India according to Tracxn. Online insurance industry in India is <a href="https://trak.in/tags/business/2014/03/19/online-insurance-india-growth/">reportedly</a> all set to be worth ₹200 billion by 2020. If it is closed, this deal would be Paytm’s biggest acquisition so far, marking its grand debut into the insurance sector. It will then compete with the likes of Policybazaar, also funded by Paytm’s investor – Softbank. Paytm’s valuation is set to hit $18 billion, according to <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/paytm-raising-up-to-2-billion-valuation-may-soar-to-18-billion/articleshow/68606766.cms">reports.</a> However, when reached out, Coverfox said, "As a company policy, we do not comment on speculation." Coverfox, whose parent company is Glitterbug Technologies, was reportedly in the market looking for a fresh round of funding of $50 million. Its latest valuation is <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/coverfoxs-parent-company-glitterbug-is-out-to-raise-50-million-in-new-round/articleshow/68313619.cms">reported </a>to be around $150-$200 million. In its last funding round in April 2018, the insurance aggregator had raised $22 million in a Series C funding led by IFC, Transamerica and existing investors - SAIF Partners, Accel and NR Narayana Murthy’s private investment arm - Catamaran Ventures. Coverfox was started in 2014 by Devendra Rane and Varun Dua. Two years later, Dua had gone on to found another insurtech startup Acko General Insurance. See Also: <a href="https://www.businessinsider.in/facing-jio-paytm-founder-vijay-shekhar-sharma-plans-a-ticket-to-us/articleshow/69053166.cms">‘I want it all and I want it now’, says Paytm founder Vijay Shekhar Sharma as he plans a ticket to the US</a> <a href="https://www.businessinsider.in/binny-bansal-and-others-invest-65-million-in-insurtech-startup-acko-with-a-300-million-valuation/articleshow/68402912.cms">This Indian insurance startup may be worth $300 million in just over two years</a>

Paytm could be spending big money for its insurance debut

New Delhi, Apr 15 () Digital payments major Paytm on Wednesday said it has named Vineet Arora as the managing director and chief executive officer of Paytm General Insurance Ltd. The appointment, which is subject to regulatory approvals, is a step for Paytm to further its journey into the insurance sector with an immediate focus on General Insurance, the company said in a statement. Arora will lead the efforts to provide industry-leading solutions in the general insurance space, where Paytm continues to explore options to enter the sector, it added. "The financial service solutions that Paytm is building for millions in India are relevant globally as well. With Paytm leading the way I believe just like payments, the general insurance industry would also go through a major transformation going forward," Arora said. Previously, Arora served as the managing director and chief executive officer of Aegon Life Insurance Company and was part of the India Leadership team. Before that, he was senior general manager and head Product, Distribution, Marketing and Wealth Management at ICICI Securities Ltd where he built a profitable distribution business across various delivery channels. SR SHWSHW

Paytm General Insurance Ltd names Vineet Arora as MD, CEO

New Delhi, Jul 6 () Paytm, owned by One 97 Communications Ltd, along with its founder Vijay Shekhar Sharma will acquire Mumbai-based private sector general insurance company Raheja QBE, a company statement said. "Raheja QBE is owned 51 per cent by Prism Johnson and 49 per cent by QBE Australia. Paytm is set to acquire both stakes and would own 100 per cent of the company," Paytm said in a statement. The company, however, did not disclose the financial details of the transactions. The acquisition is subject to customary conditions, including approval from the Insurance Regulatory and Development Authority of India (IRDAI), the statement added. Meanwhile, Prism Johnson Ltd, formerly Prism Cement Ltd, in a separate statement said its board has approved selling its entire 51 per cent stake in its general insurance joint venture Raheja QBE General Insurance Company Ltd (RQBE) to Paytm and Vijay Shekhar Sharma for about Rs 290 crore. In a regulatory filing Prism Johnson said its board has approved divestment of 51 per cent of the paid-up equity share capital in RQBE, a material subsidiary, to QORQL Pvt Ltd for an aggregate consideration of Rs 289.68 crore. QORQL Pvt Ltd, is a technology company with majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm. "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. "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 with innovative and affordable insurance products," said Amit Nayyar, President at Paytm. Commenting on the development, QBE Australia Pacific Chief Executive Officer, Vivek Bhatia said, "today's announcement marks both a continuation of QBE's strategy to simplify our business and the beginning of a new &amp; exciting chapter for our strong team at Raheja QBE." Prism Johnson said the consideration to be received by the company for the divestment is subject to certain adjustments which may be carried out between the date of execution of definitive agreement and closure of the sale, and other customary terms for a sale of such nature. The divestment will result in the termination of the company's joint-venture with Australia's QBE in the general insurance business in India. Post the Divestment, RQBE will also cease to be a subsidiary of the company," Prism Johnson added. Raheja QBE which started operations in 2009, is a joint venture between Prism Johnson Ltd and QBE Insurance Group, one of Australia's largest insurers. SVK SR DRR DRR

Paytm, Vijay Shekhar Sharma to acquire Raheja QBE General Insurance

Have you ever missed your bus but got your booking amount back? You might have thought that this never happens in this country. But mobile wallet and ecommerce company Paytm is here to prove you wrong. So the next time you miss your bus, you will most definitely get your money back. The Delhi based startup, which has forayed into various kinds of businesses is now planning insurance covers for bus passengers against a range of risks, such as accidents, missed travel, cancellation of ticket and loss of baggage.

	“We are in talks with (insurance) companies to provide insurance cover for bus passengers," said Shankar Nath, Paytm's senior vice-president. "At the same time, we are talking to various private bus hiring services like AP travels." <o:p></o:p>

	Just like domestic air travel comes insured, the passengers in this case would be a given an option to choose the insurance, if they desire. The bus fare will be bundled with the premium. <o:p></o:p>

	Around 30,000 tickets are booked daily on Paytm's platform. The average fare is 500.<o:p></o:p>

	Travel insurance business in India is worth Rs 400-500 crore and the cover is mostly taken by those who travel abroad. While the government is talking to insurance companies to introduce personal accident and baggage loss cover to railway passengers, the bus travel segment is yet to open up to the idea.<o:p></o:p>

	"There is not enough education and the risk perception is very low," Sanjay Datta, head of motor insurance underwriting at ICICI Lombard General Insurance told the ET. "Domestic travel insurance is a negligible business."<o:p></o:p>

	For domestic air travel, the premium is around 150 and the policy is valid for 30 days or till the date of return journey for passengers between the age group of 1 and 70.<o:p></o:p>

	When travelling overseas, people usually see travel insurance as a short-term medi-claim, to cover treatment towards any injury or illness suffered while they are abroad.<o:p></o:p>

Paytm is introducing insurance for bus travel

<ul><li><keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> wants to start selling <keyword id="6360041" type="UNKNOWN" weightage="20" keywordseo="life">life</keyword>, health and general <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> policies to its Indian customers in the capacity of a corporate agent. </li><li>Unsurprisingly, Amazon’s local rivals, <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, are also preparing to enter the segment given the low rate of insurance penetration in the country. </li><li>The share of insurance premiums as a percentage of GDP stood at 3.7% of GDP in 2017-18, according to Swiss Re, a reinsurer, compared to a global average of 6.1%.</li></ul>Amazon India had had its sights set on the country’s financial services space for a while. Last year, it started offering a digital wallet in India to shoppers on its e-commerce platform. Earlier this week, Amazon’s payments arm launched a service that allows Indian consumers without credit cards to purchase products on an EMI basis. Next on the list? Amazon wants to start selling life, health and general insurance policies to its Indian customers in the capacity of a corporate agent, according to Bloomberg. In essence, it will list the various policies and products offered by insurance companies on its website. Much like the platform PolicyBazaar, Amazon plans to allow customers to pick and choose between different policies and purchase coverage like they would buy a mobile phone or book. Unsurprisingly, Amazon’s local rivals, Paytm and Flipkart, are also preparing to enter the segment given the low rate of insurance penetration in the country. The share of insurance premiums as a percentage of GDP stood at <a href="https://www.moneycontrol.com/news/business/economy/indias-insurance-penetration-premium-per-person-up-marginally-in-fy18-swiss-re-2681721.html">3.7%</a> of GDP in 2017-18, according to Swiss Re, a reinsurer, compared to a global average of 6.1%. There’s a lot of room to grow and the industry is expected to record $280 billion worth of revenues in the current fiscal year, as per a study by ASSOCHAM. More importantly, only 3% of insurance is estimated to be bought online, a figure that will surge as the access to the internet increases. In <a href="https://www.bloombergquint.com/technology/2017/11/24/flipkart-plans-to-sell-insurance-awaits-regulators-nod">November last year</a>, Flipkart was said to have applied to the Insurance Regulatory and Development Authority of India (IRDAI) for a greenlight to start selling life and general insurance policies on its website. Meanwhile, in February 2018, Paytm’s parent set up two units for life and general insurance after receiving a corporate licence to do so in September 2017.

Amazon wants to sell insurance policies to Indians

<ul><li>The Oracle of Omaha is in talks to invest upto ₹25 <keyword id="55426" type="COMPANY" weightage="20" keywordseo="billion">billion</keyword> ($360 million) in One97 Communications, the parent company of <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>. </li><li>The deal involves the purchase of a 3-4% stake in the company by <keyword id="6495368" type="LOCATION" weightage="20" keywordseo="berkshire">Berkshire</keyword> Hathaway, the financial services conglomerate owned by Buffett. </li><li>As of June 2018, Paytm was reported to be conducting $50 billion worth of transactions, in gross value terms, on an annual basis.</li></ul>The Oracle of Omaha is readying his first big move in India. According to <a href="https://www.livemint.com/Companies/SmFlYNnIlS0Mv76uBmm1SM/Warren-Buffett-set-to-pick-up-stake-in-Paytm.html" data-type="tilCustomLink">insider sources</a>, <keyword id="6358963" type="PERSON" weightage="20" keywordseo="Warren-Buffett">Warren Buffett</keyword> is in talks to invest upto ₹25 billion ($360 million) in One97 Communications, the parent company of online payments and digital wallet service Paytm. The deal involves the purchase of a 3-4% stake in the company by Berkshire Hathaway, the financial services conglomerate owned by Buffett. Digital payments are a burgeoning space in India and Buffett is looking to get in as the market heats up, despite the fact that Paytm is still generating losses. Currently estimated to be $200 billion in size, the digital payments market in India is predicted to reach $1 trillion by 2023. As of June 2018, Paytm was reported to be conducting $50 billion worth of transactions, in gross value terms, on an annual basis. After starting operations as a digital wallet, the company has expanded into a number of segments such as e-commerce, ticketing, investing and insurance. First <keyword id="6355120" type="UNKNOWN" weightage="20" keywordseo="investment">investment</keyword> in India While it might seem likes it’s been a long time coming, Warren Buffett’s first direct investment in India didn’t always seem like a possibility. Following the failure of Berkshire’s online insurance partnership with Bajaj Allianz in 2013, Buffett had been vocal about red tape and laws preventing foreign ownership in India. He did, however maintain, as per <a href="http://fortune.com/2017/05/09/warren-buffett-india-regulation-investment/">an interview </a>with ET Now last year, that the country had “tremendous potential”, and explained he would be open to making an investment in the right company. A deal with One97 Communications could be reached in the coming weeks. Till date, Paytm has raised about $2 billion in funding. It counts Alibaba, Ant Financial and Softbank among its major owners, which together account for about a 60% stake in the company. If the talks with Berkshire Hathaway are successful, the valuation of Paytm, which entered the unicorn club last year with a $200 million funding round led by Alibaba, could go past the $10 billion mark. More importantly, it will also mark Warren Buffett’s first investment in a private technology company. Berkshire is a major investor in Apple, which is publicly-listed.

Paytm might be Warren Buffett's first direct investment in India

<ul><li><keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> will soon start offering <keyword id="113735" type="PERSON" weightage="20" keywordseo="gold-investment">gold investment</keyword> options on its platform. </li><li>According to reports, it may also offer mutual funds and insurance plans. </li><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> had introduced <keyword id="4465249" type="PERSON" weightage="20" keywordseo="digital-gold">digital gold</keyword> investment in India in April 2017.</li></ul>Google Pay is stepping up its game to fight its Indian rivals Paytm and <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>. Following in their footsteps, Google Pay will now offer gold investment options to consumers. According to <a href="https://www.livemint.com/industry/banking/google-pay-starts-offering-digital-gold-mutual-funds-coming-soon-1553721132284.html">reports</a>, Google Pay is not just toying with the idea of selling digital gold but also mutual funds and insurance. The digital payments wing of Google has already updated its terms of service to say “GAP shall mean the Gold Accumulation Plan provided by MMTC” and “Gold Account means such account on Google Pay which has been linked to the GAP.” However, Google Pay’s gold offering comes two years late in the game. India’s payments unicorn Paytm had introduced digital gold investments to its users in April 2017. In August 2018, Paytm had <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/paytm-gold-to-touch-1-5-ton-in-gold-transactions/articleshow/65510054.cms">said</a> that it is going to cross 1.5 tons in gold transactions through its platform with a 70% share of MMTC-PAMP’s virtual gold offerings in the country. MMTC-PAMP India Pvt. Ltd. is an industry leader to bring global standards of excellence to the Indian precious metals industry. As of September 2018, Google Pay had announced that it has 25 million users in India. It seems that payments platforms in India are in for a big fight with Google Pay’s plans to push boundaries and offer digital gold, mutual fund services and more – features which Paytm has already been offering. But the rigorous push from Amazon Pay, with its offline ‘scan and pay’ service too is going to make a dent into the consumer numbers of its rivals. According to <a href="https://thenextweb.com/in/2019/03/22/wechat-pay-to-reportedly-take-on-google-pay-and-paytm-in-india-later-this-year/">reports,</a> the Chinese giant WeChat is also eyeing India’s payments market and aims to enter the segment in late 2019. See Also: <a href="https://www.businessinsider.in/google-wallet-creator-osama-bediers-startup-poynt-will-launch-in-india-in-2019/articleshow/68145220.cms">The creator of Google Wallet is making a big bet on India via his 4-year old startup</a> <a href="https://www.businessinsider.in/amazon-india-and-amazon-pay-sales-may-increase-as-the-online-retail-giant-expands-physical-presence/articleshow/68590870.cms">After 7 years in India, Amazon has finally learnt that there is more money offline</a> <a href="https://www.businessinsider.in/from-swiggy-vs-bigbasket-to-paytm-vs-bookmyshow-indian-startups-are-growing-by-becoming-rivals/articleshow/68351389.cms">Do Swiggy, OYO, and Paytm lack Silicon Valley’s planning and conviction?</a>

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Paytm could be spending big money for its insurance debut

Sanchita Dash

Paytm General Insurance Ltd names Vineet Arora as MD, CEO

PTI

Paytm, Vijay Shekhar Sharma to acquire Raheja QBE General Insurance

PTI

Paytm is introducing insurance for bus travel

BI India Bureau

Amazon wants to sell insurance policies to Indians

Dilsher Dhillon

Paytm might be Warren Buffett's first direct investment in India

Dilsher Dhillon

Google Pay wants to offer Indians their favourite investment option – gold

Sanchita Dash

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