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When Forbes named Vijay Shekar Sharma as the youngest billionaire of India in 2017, the net worth of his company PayTM was $2.1 billion. In June 2019, the company is credited with a net worth of $2.7 billion. The son of a simple school teacher, how Vijay Shekar Sharma built his success story is highly interesting and inspiring. Here are a few interesting facts about him that can move the readers to admire this amazing personality. His business benefited from the change How Sharma rose to success was by taking the wind’s direction to his advantage. When the internet industry was turning intricate, Vijay Shekar perceived a paradigm shift in the process of billing from paying bills at physical outlets to online payment. He took inspiration from this shift and launched PayTM that expands as Pay Through Mobile. The favourable climate around him paved way for his quick success. In the online payments arena. Past awards and recognitions In 2015, Vijay Shekar was credited with the most coveted ‘India’s Innovative CEO Award’. In a celebration, PayTM was also recognized among Delhi’s top 50 brands. In 2006, PayTM was identified as the “Most Innovative Start-up of the Year”. He was a child prodigy Vijay began his college life as early as 15 years of age. He graduated as an engineer when he was just 19 years. In 1997 when he was doing his college studies, he started a website indiasite.net and later sold it for $1 million two years later. The initial journey for him was tough In 2001 Vijay started One97, the parent company of PayTM. He had to take a loan of 8 lakhs to fund his startup. Soon he realized the repayment was getting tougher. Hence he took up some petty jobs like delivering guest lectures and setting up LAN connections in order to see that both the ends met. His fortune turned gradually upwards and he could occupy the 1567th rank in the World’s Billionaire’s List by Forbes. This position made him the youngest billionaire of India. Vijay’s wealth shot up even when PayTM suffered losses In 2018, Vijay’s net worth rose to $2.6 billion, which was close to Rs 18,000 crore. Hence he was ranked at the 877th position among the 2,153 global billionaires. This happened despite his company PayTM was reported to suffer a loss of Rs 3,393 crore. His business benefited from demonetization In November 2016, the Indian government announced one of the biggest ever demonetization moves on the earth in which the high-value currency notes were withdrawn. This measure intended to crack down the black money market, illegal money laundering and terrorist funding, had also struck a severe blow on a large number of businesses. While demonetization slashed away the cash worth billions of dollars within a very short period of time, a huge segment of the population turned towards digital payments. This move gave a big boost to PayTM which gained tremendously from demonetization and spurted to growth. Read Also about other Personalities - <a href="https://www.businessinsider.in/interesting-facts-about-ola-founder-bhavish-aggarwal/articleshow/71186840.cms">Ola Founder Bhavish Aggarwal</a> <a href="https://www.businessinsider.in/10-interesting-facts-about-ratan-tata-that-you-should-know/articleshow/69914798.cms">Facts about Ratan Tata</a> <a href="https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms">Ola founder Ritesh Agarwal</a>

Interesting facts of PayTM founder Vijay Shekhar Sharma

Market regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">SEBI</keyword> has issued notice to fintech firm <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords" meta.keywordsubtype="org" meta.entityname="One97 Communications" meta.hostid="261" meta.entityid="One97 Communications">One97 Communications</keyword>, which owns the <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords">Paytm</keyword> brand, for the employee <keyword id="20410988" type="General" weightage="20" keywordseo="stock-options" source="keywords">stock options</keyword> (<keyword id="20043663" type="General" weightage="20" keywordseo="ESOPs" source="keywords">ESOPs</keyword>) allocated to MD and CEO <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword>, according to the company filing on Monday. In response to a query from stock exchanges, Paytm said the notice is not a new development, and it is in regulatory contact with the market regulator to make required representations. According to Paytm's financial year 2024 annual result filing, it had issued 2.1 crore employee stock options (ESOP) to Sharma in the financial year 2022. SEBI had issued a show cause notice to Paytm on ESOP issued to Sharma. "This is not a new development, as the Company had already made relevant disclosures on this matter in its financial results for the quarter and year ended March 31, 2024, as well as the quarter ended June 30, 2024. The Company is in regular communication with the <keyword id="19970553" type="General" weightage="20" keywordseo="securities-exchange-board-of-india" source="keywords">Securities Exchange Board of India</keyword> (SEBI) and making necessary representations regarding this matter," Paytm said in response to a stock exchange query. The disclosure made on May 22 and July 19 said that Paytm has submitted its preliminary response and is in the process of seeking further information from the regulator in this regard. "Based on an independent legal opinion obtained by the management, it believes that the Company is compliant with the relevant regulations. Accordingly, there is no impact on the financial results for the year ended March 31, 2024," the filing said. Shares of One97 Communications Ltd, which owns the Paytm brand, on Monday dropped over 4% amid reports that SEBI has issued show-cause notices to Vijay Shekhar Sharma and board members who served during its IPO in November 2021 for alleged misrepresentation of facts. The stock tanked 4.41 % to settle at Rs 530.05 apiece on the BSE. During the day, it plunged 8.88 % to Rs 505.25. On the NSE, shares of the firm dropped 4.47 % to Rs 530. Intra-day, the stock tumbled 8.88 % to Rs 505.55. The company's market valuation declined by Rs 1,534.23 crore to Rs 33,731.56 crore. Earlier in the day, BSE sought clarification from One 97 Communications Ltd with reference to news that Vijay Shekhar Sharma, Paytm directors face SEBI show-cause notices over initial public offering (IPO) breaches, particularly on ESOPs allotted to MD and CEO Vijay Shekhar Sharma. In response to a query from stock exchanges, Paytm said the notice is not a new development, and it is in regulatory contact with the markets regulator to make required representations.

SEBI issues notice to Paytm on ESOPs given to CEO Sharma; firm says disclosure already made

<ul><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> founder <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> is the only startup guy to be in the top 50 of the list. </li><li>Hurun Report India and IIFL Wealth Management have released the 8th edition of IIFL Wealth Hurun India Rich List 2019. </li><li>He is joined by others like Byju Raveendran, Sachin Bansal, Nithin Kamath, Binny Bansal in the list.</li></ul>Hurun Report India and IIFL Wealth Management have released the 8th edition of IIFL Wealth Hurun India Rich List 2019. While the obvious Mr Ambani tops the list, Paytm founder Vijay Shekhar Sharma is the only startup guy to be in the top 50 of the list. Sharma has a net wealth of ₹20,400 crores, according to the report. Sharma holds rank 41 in the list which has 953 entrants. He even ranks higher than Sunil Mittal of Airtel, Kiran Mazumdar Shaw of Biocon and Anand Mahindra of Mahindra Group. The billionaire entrepreneur is joined by others like Byju Raveendran, Sachin Bansal, Nithin Kamath, Binny Bansal in the list. Average wealth of the list is around ₹5,300 crores and the average age is 60 In 2017, Sharma was ranked as India’s youngest billionaire by Forbes. Paytm is the leading digital payments company in India. The parent company One97 communications houses 2 unicorns Paytm and Paytm Mall. The third subsidiary Paytm Money is also in its way to become a unicorn.

Paytm’s Vijay Shekhar Sharma is wealthier than Sunil Mittal, Kiran Mazumdar Shaw, Anand Mahindra and several others

<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

<ul><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> raised $1 billion from US asset management firm T. Rowe Price, <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> and others. </li><li>Vijay Shekhar Sharma-led Paytm is now valued at $16 billion. </li><li>In FY19, Paytm had clocked in a gross transaction value of $50 billion through 5.5 billion transactions.</li></ul>Indian digital payments giant Paytm raised $1 billion from US asset management firm T. Rowe Price, SoftBank and others. Vijay Shekhar Sharma-led Paytm is now valued at $16 billion. “Today, we open next chapter in Paytm’s journey of India’s financial inclusion. We commit to invest additional ₹10,000 crore to serve financially unserved and underserved,” wrote Sharma in a tweet. Currently, serving merchants in over 2000 towns and cities spanning across 650 districts, Paytm aims to bring low cost mobile enabled financial services to rural India. The <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/paytm-gets-1-billion-topup-in-latest-financing-round/articleshow/72216174.cms">round </a>was led by <keyword id="701700" type="COMPANY" weightage="20" keywordseo="T-Rowe">T Rowe</keyword> and SoftBank invested $200 million while Alibaba’s Ant Financial invested $400 million, along with participation from Discovery Capital. With the latest funding, Paytm will push forward its move in the Indian insurance industry and new age banking, Sharma told <a href="https://timesofindia.indiatimes.com/business/india-business/t-rowe-leads-1-billion-infusion-in-paytm/articleshow/72215171.cms">TOI.</a> Interestingly, SoftBank’s funding comes at a time when the Japanese investment firm is <a href="https://www.cnbc.com/2019/10/11/masayoshi-son-mulls-cautious-investment-strategy-for-vision-fund-2.html">reportedly</a> slowing down on investments and bets after the WeWork IPO debacle. In the financial year 2018-19, Paytm had clocked in a gross transaction value of $50 billion through 5.5 billion transactions. It also set a target of 12 billion transactions by FY20. The company said that the fast growth came due to the wide adoption of Paytm’s digital payments solutions across sectors like retail payments, fees, utility payments, travel booking, entertainment, games and more.

Vijay Shekhar Sharma opens next chapter at Paytm as it raises $1 billion from T Rowe, SoftBank and others

<ul><li><keyword id="4225623" type="PERSON" weightage="20" keywordseo="Paytm-Mall">Paytm Mall</keyword> has partnered with EY to probe a <keyword id="7625462" type="UNKNOWN" weightage="20" keywordseo="cashback-fraud">cashback fraud</keyword>, according to reports. </li><li>However, the company has said that it has partnered with <keyword id="123893" type="COMPANY" weightage="20" keywordseo="EY">E&amp;Y</keyword> to build a technology driven fraud prevention system.</li></ul><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> is back in the news again for trouble brewing in its quarters. The company has brought in consulting and auditing giant EY to probe into a possible cashback fraud involving a Paytm employee, according to a report by <a href="https://timesofindia.indiatimes.com/companies/ey-probes-cashback-fraud-at-paytm-mall/articleshow/69299398.cms?">TOI.</a> No further details are known yet and when reached out, Paytm spokesperson was unavailable for comment. If true, this will be the second time Paytm will face a setback from one of its own employees. Earlier in October 2018, Paytm was caught in a <a href="https://www.businesstoday.in/current/corporate/paytm-extortion-i-am-stunned-but-still-believe-sonia-vijay-shekhar-sharma/story/286422.html">scandal</a> involving its Chief Communications Officer Sonia Dhawan in an extortion case. Dhawan was accused of allegedly blackmailing the Paytm founder <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, to extort ₹20 crore from Sharma. However, Paytm Mall has said that it has partnered with E&amp;Y to build a technology driven fraud prevention system. The company has released an official statement regarding its partnership with E&amp;Y, which will help build Paytm Mall a secure network for its users. “Our partnership with E&amp;Y will help benchmark with global best practices as we build a Technology Driven Fraud Prevention System to scale our operations. Our teams continue to work closely with E&amp;Y to share our learnings and insights. We are committed to build a trusted commerce platform and will take strict action against wherever needed,” said Srinivas Mothey, Sr. Vice President – Paytm Mall. While Paytm has seen a fairly smooth and fast growing journey of success, its subsidiary Paytm Mall has run into multiple problems since its launch in 2016. There were even reports that Paytm Mall might not see the light of the day, however things seem to be turning around for the company. According to the company’s statement, Paytm Mall has seen a 200% growth in the past six months. Over the months, it also went on a hiring spree to bring on board 200 people who will help map its growth. “Paytm Mall is a business that has learnt that Online to Offline (O2O) is the best business model. Our attention on partners keeping items in warehouses has now significantly reduced and we have offloaded many partners," Paytm founder Vijay Shekhar Sharma had said in an earlier interview with Business Insider. "Our focus now is on shops – from where the shipments will happen. This model has worked out incredibly well for us. Year on year, we are up and have already cut one third of the costs." 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/paytm-takes-on-airbnb-makemytrip-oyorooms-and-trivago-with-its-latest-offer-hotel-bookings/articleshow/67755276.cms">Paytm is competing with almost everyone in Indian e-commerce </a>

Paytm Mall ropes in auditing giant EY to crack down on frauds

<ul><li><keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> took to Twitter to announce that PayPay has garnered 10 million users. </li><li>PayPay was formed out of <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>’s partnership with SoftBank and Yahoo Japan. </li><li>SoftBank is one of the major investors in Paytm.</li></ul>Paytm’s Japanese subsidiary PayPay has managed to net 10 million users in ten months. Paytm founder Vijay Shekhar Sharma took to Twitter to announce the same. <div type="twitter" handle="vijayshekhar" handlename="Vijay Shekhar" image="http://pbs.twimg.com/profile_images/813598012173754368/MnHjJnCv_normal.jpg" favoritecount="775" retweetcount="76" status="Our Japan ‘s @PayPayOfficial 🇯🇵 business achieved a key milestone ! Just in 10 months, we are now 10 million users,… https://t.co/NGymRv1Rmp" createdat="1565254226000" id="1159386373641494530"></div>

 In October 2018, Paytm had partnered with SoftBank and Yahoo Japan to offer digital payment solutions in Japan. Through this collaboration, Yahoo Japan suspended its own wallet giving PayPay direct access to all its Yahoo wallet consumers. SoftBank is one of the major investors in Paytm. In 2017, Softbank had made its biggest bet in the Indian ecosystem by pumping in $1.4 billion in Paytm. Paytm is not the only Indian startup backed by Softbank which went to Japan. Ritesh Agarwal’s OYO where Softbank is a key investor, entered the Japanese market, thanks to its famous backer. In April 2019, OYO announced its partnership with SoftBank Corp and SoftBank Vision fund to launch Oyo Hotels Japan.

Paytm’s Japan subsidiary PayPay nets 10 million users in 10 months

<ul><li><keyword id="4225623" type="PERSON" weightage="20" keywordseo="Paytm-Mall">Paytm Mall</keyword> has reportedly unearthed a fraud of ₹5 to ₹10 crore, after the probe by auditing giant EY. </li><li>Few of <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> Mall employees worked with third party vendors to avail cashback offers, say reports.</li><li>The company had earlier said that it has partnered with E&amp;Y to build a technology driven fraud prevention system.</li></ul>In what could possibly be one of the biggest blows for every Indian startup’s favourite cashback scheme, Paytm Mall has reportedly unearthed a fraud of ₹10 crore. According to reports, few of Paytm Mall employees worked with third party vendors to avail cashback offers. "After Diwali, what my team saw was that there were some small sellers who were getting a large percentage of the cashbacks and we as a team asked our auditors to do a deeper audit," Paytm founder <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> told <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/paytm-probe-reveals-at-least-rs-10-cr-fraud-vijay-shekhar-sharma/articleshow/69327442.cms">reporters</a> at a press conference in Mumbai. The event was held to launch Paytm’s cashback card driven by Citibank. Paytm Mall has fired about 10 employees and delisted over 100 vendors from its platform, according to one <a href="https://timesofindia.indiatimes.com/business/india-business/paytm-probe-reveals-at-least-rs-10-cr-fraud-vijay-shekhar-sharma/articleshow/69327250.cms">report.</a> Paytm Mall, however, clarified later that fraud was in the range of ₹5-10 crores. The company had earlier said that it has partnered with E&amp;Y to build a technology-driven fraud prevention system. The company had released an official statement regarding its partnership with E&amp;Y, which will help build Paytm Mall a secure network for its users. In the Indian e-commerce industry, while cashback has been a boon to bring on board a huge number of users, it has also proved to be a bane for companies that are struggling with losses due to these offers. In the same breath, Sharma insisted that the cashback model remains sustainable. Paytm Mall had aggressively grown to bring on board many vendors in its fight against the likes of Flipkart and Amazon. However, it had run into trouble with huge losses and there were reports about Paytm Mall shutting down. In an<a href="https://www.businessinsider.in/facing-jio-paytm-founder-vijay-shekhar-sharma-plans-a-ticket-to-us/articleshow/69053166.cms"> earlier interview with Business Insider</a>, Sharma had said that the vertical was back on track and having switched to the Online to Offline (O2O) model, they had offloaded multiple vendors from the Paytm Mall platform. See Also: <a href="https://www.businessinsider.in/paytm-partners-with-ey-to-probe-frauds/articleshow/69305406.cms">Paytm Mall ropes in auditing giant EY to crack down on frauds</a> <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>

Paytm Mall fires 10 employees and 100 vendors after a million-dollar cashback fraud

<ul><li>Vijay Shekhar Sharma-led platform is targeting to hit 1.5 billion in merchant payments. </li><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> is hoping to do the same by reaching out to 14 million merchants this year.</li><li>Paytm has also introduced a feature to ‘Scan any QR code to pay using Paytm.</li></ul>Indian <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword> leader Paytm is gearing up for the <keyword id="36208" type="PERSON" weightage="20" keywordseo="festive-season">festive season</keyword>. The Vijay Shekhar Sharma-led platform is targeting 1.5 billion in merchant payments during the upcoming festive season between October and December. Paytm is hoping to do the same by reaching out to 14 million merchants this year, 40% more from its target of 10 million last year. It is also hoping to reach out to 2 million retail outlets across the country. Holding over 50% of the market share in the payment gateway industry, the company had earlier said that its doing 400 million transactions per month; is five times more than its next competitor. Taking advantage of the interoperable option for UPI, Paytm has also introduced a feature to ‘Scan any QR code to pay using Paytm’. “We have been observing the ever-evolving needs of our users &amp; believe in providing them the flexibility to choose their preferred mode of payment. With the interoperable UPI, consumers now also get the additional flexibility to Scan any QR code through their Paytm app and make payments directly from their linked Bank account,” said Jaskaran Kapany, Marketing Head, Paytm. In the financial year 2018-19, Paytm had clocked in a gross transaction value of $50 billion through 5.5 billion transactions. It has also set a target of 12 billion transactions by FY20.

Paytm is targeting 1.5 billion transactions during festive season with a 40% jump in number of merchants

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

In a bid to expand its business aggressively, <a href="http://www.businessinsider.in/searchresult.cms?query=paytm">Paytm</a> has ventured into online movie ticket market and has tied up with <a href="http://www.businessinsider.in/searchresult.cms?query=PVR">PVR</a>. 
 
Paytm inked a deal with PVR as part of its Rs 120 crore investment in the <a href="http://www.businessinsider.in/Chinas-Baidu-to-invest-in-Zomato-BookMyShow-BigBasket/articleshow/50561568.cms">online movie ticket</a> business. 
 
READ MORE: <a href="http://www.businessinsider.in/Not-soExclusive-Vijay-Shekhar-Sharma-answers-your-Paytm-FAQs/articleshow/51492023.cms">Not so Exclusive: Vijay Shekhar Sharma answers your Paytm FAQs</a> 
 
Following this, Paytm will start selling PVR tickets on its platform. 
 
"This is in line with our overall strategy of bringing more payment use cases online. Customers today are asked to shell out more when they pay in advance digitally. We want to eradicate this practice," said Paytm’s Vijay Shekhar Kumar. 
 
"Through this deal, we aim to reach out to more consumers and achieve better penetration in micro markets," said Sanjeev Kumar Bijli, Joint MD of PVR. 
 
Paytm intends to double the online movie ticket market, which is presently 15% of the total domestic market. 
 
(Image: Thinkstock)

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Interesting facts of PayTM founder Vijay Shekhar Sharma

BI India Bureau

SEBI issues notice to Paytm on ESOPs given to CEO Sharma; firm says disclosure already made

PTI

Paytm’s Vijay Shekhar Sharma is wealthier than Sunil Mittal, Kiran Mazumdar Shaw, Anand Mahindra and several others

Sanchita Dash

Paytm could be spending big money for its insurance debut

Sanchita Dash

Vijay Shekhar Sharma opens next chapter at Paytm as it raises $1 billion from T Rowe, SoftBank and others

Sanchita Dash

Paytm Mall ropes in auditing giant EY to crack down on frauds

Sanchita Dash

Paytm’s Japan subsidiary PayPay nets 10 million users in 10 months

Sanchita Dash

Paytm Mall fires 10 employees and 100 vendors after a million-dollar cashback fraud

Sanchita Dash

Paytm is targeting 1.5 billion transactions during festive season with a 40% jump in number of merchants

Sanchita Dash

Paytm, Vijay Shekhar Sharma to acquire Raheja QBE General Insurance

PTI

You can buy a PVR movie ticket on Paytm now

BI India Bureau

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