Paytm’s parent company, One97 Communications, said that they remain bullish on their roadmap for general insurance and intend to seek requisite approvals for a new general insurance license, wherein they hold 74 per cent of maximum shares. Meanwhile, Prism Johnson will continue to evaluate the future prospects of their investment in Raheja QBE general insurance from time to time.

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Vijay Shekhar Sharma had entered into an agreement wherein they were supposed to acquire Prism Johnson’s 51 per cent stake in Raheja QBE General Insurance for Rs 289.68 crore. Prism Johnson has a 51 per cent stake in the general insurance company, and QBE Australia owns the rest. Paytm was supposed to acquire Prism Johnson’s 51 per cent and QBE Australia’s 49 per cent stake in Raheja QBE to become 100 per cent owner for Rs 568 crore to expand its footprints in the financial services business.