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Paytm, Vijay Shekhar Sharma to acquire insurance firm Raheja QBE for $76M

Paytm, Indias most valuable startup, and its co-founder and chief executive, Vijay Shekhar Sharma, announced on Monday they have reached an agreement to acquire insurance firm Raheja QBE for a sum of $76 million as the financial services startup looks to tap the nations booming insurance market.
Sharma is acquiring Raheja QBE throughQorQl Pvt. Ltd, a firm in which he owns majority stake with Paytm owning the remainder. A Paytm spokesperson told TechCrunch that it was an all-cash deal.
Raheja QBE, whichoffers insurance services to cover an individuals health, home, vehicles, and also provides protection on commercial properties, and workplace injuries, is owned by Prism Johnson (51%) and QBE Australia (49%.) QorQl is acquiring 100% of Raheja QBE as part of the agreement, the two entities said.
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