Paytm starts life, general insurance Entities

Paytm parent company One 97 communications has set up two new insuring units to cater insurance, months after getting a corporate agency license from Insurance Regulatory Development Authority of India.

Named under the parent company, Paytm Life Insurance Corporation Ltd and Paytm General Insurance Corporation Ltd, were officially set up on February 21, as per filings with the Ministry of Corporate Affairs.

With Paytm founder Vijay Shekhar Sharma and One 97 Communications holding majority shares both the entities have a share capital Rs 1,000,000 each.

Having received the corporate agency license in September last year for One 97 Communications, Paytm had applied for a composite license with the IRDA to sell products of both life and general insurers.

These are the latest entities created by One 97 Communications. Last year, it set up Paytm Financial Services to offer financial products and Paytm Money for wealth management.

The Softbank-backed company had also ventured into payments bank last year, and also separated its ecommerce businesses into a separate entity under Paytm Mall.