Paytm, CEO Sharma to acquire general insurer Raheja QBE for Rs 568 crore

Raheja QBE will be acquired through QorQl Pvt. Ltd, a technology company in which Vijay Shekhar Sharma has majority shareholding.

Paytm and the firm’s Chief Executive Vijay Shekhar Sharma (pictured) will acquire Raheja QBE General Insurance for nearly Rs 568 crore to expand the digital payments company’s financial services. 

According to regulatory filings made by Prism Johnson, Raheja QBE would be sold “to QorQl, a tech company with majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm (owned by One97 Communications), for an aggregate consideration of Rs 289.68 crore”.

Paytm will acquire Prism Johnson’s 51 per cent and QBE Australia’s 49 per cent stake in Raheja QBE to become 100 per cent owner. The acquisition is expected to close by